Steve Madden (NASDAQ: SHOO) boosts 2026 outlook and declares $0.21 dividend

Rhea-AI Filing Summary

Steven Madden, Ltd. reported strong first quarter 2026 results with total revenue of $653.1 million and net income attributable to the company of $71.8 million, both up from the prior year. Diluted EPS was $1.00 versus $0.57 a year earlier.

Wholesale revenue rose modestly, while direct-to-consumer revenue surged 83.8% to $206.0 million, helped by the Kurt Geiger London brand and higher gross margins. The company ended the quarter with 387 brick-and-mortar stores, eight e-commerce sites and 162 concessions.

The board declared a quarterly cash dividend of $0.21 per share, payable June 19, 2026. Management raised its fiscal 2026 revenue outlook to growth of 10%–12% versus 2025 and introduced diluted EPS guidance of $2.55–$2.65, with Adjusted diluted EPS of $2.00–$2.10.

Positive

• Strong top-line and earnings growth: Total revenue rose to $653.1 million from $553.5 million, while net income attributable to Steven Madden, Ltd. increased to $71.8 million and diluted EPS reached $1.00 versus $0.57 a year earlier.
• Raised full-year outlook: The company now expects fiscal 2026 revenue to grow 10%–12% versus 2025 and introduced diluted EPS guidance of $2.55–$2.65, with Adjusted diluted EPS of $2.00–$2.10, indicating confidence in continued growth.

Negative

• Adjusted profitability and cash flow pressure: Adjusted net income attributable to Steven Madden, Ltd. declined to $32.1 million from $42.4 million, and net cash used in operating activities was $55.3 million in the quarter, highlighting weaker underlying earnings and near-term cash usage.

Insights

Equity research analyst

Solid Q1 growth, stronger margins and higher 2026 guidance signal positive momentum.

Steve Madden delivered first quarter 2026 revenue of $653.1M, up from $553.5M, with notable strength in direct-to-consumer, which grew 83.8% to $206.0M. Reported gross margins expanded in both wholesale and direct-to-consumer channels.

GAAP net income attributable to the company rose to $71.8M, with diluted EPS at $1.00 versus $0.57 a year earlier. However, Adjusted net income declined to $32.1M and Adjusted diluted EPS to $0.45, reflecting non-GAAP adjustments tied to items such as valuation changes and integration effects.

Management now expects fiscal 2026 revenue to increase 10%–12% versus 2025, with diluted EPS of $2.55–$2.65 and Adjusted diluted EPS of $2.00–$2.10. Net cash used in operating activities was $55.3M in the quarter, so subsequent quarters will be important for confirming that earnings growth translates into stronger cash generation.

8-K Event Classification

3 items: 2.02, 8.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

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

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Total revenue Q1 2026: $653.1M Net income attributable to Steven Madden, Ltd.: $71.8M Diluted EPS Q1 2026: $1.00 per share +5 more

8 metrics

Total revenue Q1 2026 $653.1M Three months ended March 31, 2026; up from $553.5M in Q1 2025

Net income attributable to Steven Madden, Ltd. $71.8M Three months ended March 31, 2026; up from $40.4M a year earlier

Diluted EPS Q1 2026 $1.00 per share Versus diluted EPS of $0.57 in the three months ended March 31, 2025

Quarterly cash dividend $0.21 per share Payable June 19, 2026 to stockholders of record on June 8, 2026

Direct-to-consumer revenue growth $206.0M, up 83.8% First quarter 2026 direct-to-consumer revenue compared to first quarter 2025

Fiscal 2026 revenue guidance Increase 10%–12% Expected fiscal 2026 revenue growth versus fiscal 2025

Fiscal 2026 diluted EPS guidance $2.55–$2.65 GAAP diluted EPS range for fiscal year 2026

Net cash used in operating activities $55.3M Net cash used in operating activities for the three months ended March 31, 2026

Key Terms

Adjusted gross profit, non-GAAP financial information, contingent payment liability, factor accounts receivable, +2 more

6 terms

Adjusted gross profit financial

"Adjusted gross profit as a percentage of wholesale revenue was 39.2%, compared to 35.7% in the first quarter of 2025"

Adjusted gross profit is a company’s revenue from selling goods or services minus the direct costs of producing them, with one-time or unusual items added back or removed to show the core margin. Investors use it like a cleaned-up snapshot of how much a business actually earns on its products, similar to measuring body weight after removing heavy clothes, because it helps compare performance across periods and companies without noise from rare events.

non-GAAP financial information financial

"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"

Non-gaap financial information are company-reported numbers that adjust standard accounting results to remove items management considers one-time, unusual, or not representative of ongoing business — for example, adjusted earnings or cash flow measures. Investors use them like a cleaned-up snapshot (wiping dirt off a window) to see underlying performance trends, but because companies choose what to exclude these figures can vary and should be compared with the official GAAP statements and disclosures.

contingent payment liability financial

"Change in valuation of contingent payment liability | 385 | | | (4,495)"

factor accounts receivable financial

"Factor accounts receivable | 346,497 | | | 311,563 | | | 387,706"

operating lease right-of-use asset financial

"Operating lease right-of-use asset | 237,305 | | | 235,855 | | | 152,689"

An operating lease right-of-use asset is the accounting entry that shows a company’s recorded value of its legal right to use leased property or equipment for a set period, similar to listing the worth of a long-term rental agreement on the balance sheet. It matters to investors because it makes leased obligations and the economic benefit of rented assets visible, affecting reported assets, leverage and how future lease costs are reflected in financial statements — like seeing both a rented shop’s utility and the remaining rent commitment.

Adjusted diluted net income per share financial

"Adjusted diluted net income per share | $ | 0.45 | | | $ | 0.60"

Adjusted diluted net income per share measures how much profit is attributable to each share after removing one-time or unusual items and using a share count that includes stock options, convertible securities and other potential shares. For investors it’s like measuring profit per slice of pie after smoothing out a one-off event and assuming the pie might be cut into more slices; this makes profitability easier to compare across companies and time periods.

Earnings Snapshot

Total revenue: $653.1M · Guidance included

Q1 2026

Total revenue $653.1M vs $553.5M in Q1 2025

Net income attributable to Steven Madden, Ltd. $71.8M vs $40.4M in Q1 2025

Diluted EPS $1.00 vs $0.57 in Q1 2025

Direct-to-consumer revenue $206.0M +83.8% vs Q1 2025

Adjusted net income attributable to Steven Madden, Ltd. $32.1M vs $42.4M in Q1 2025

Fiscal 2026 diluted EPS guidance $2.55–$2.65 Adjusted diluted EPS guidance $2.00–$2.10

Guidance

For fiscal 2026, the company expects revenue to increase 10%–12% versus 2025, diluted EPS of $2.55–$2.65, and Adjusted diluted EPS of $2.00–$2.10.

Understanding 8-K Material Events →

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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: May 6, 2026

(Date of earliest event reported)

STEVEN MADDEN, LTD.

(Exact name of registrant as specified in its charter)

Delaware		000-23702		13-3588231
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

52-16 Barnett Avenue, Long Island City, New York		11104
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (718) 446-1800

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(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		SHOO		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 6, 2026, Steven Madden, Ltd. (the “Company”) issued a press release, furnished as Exhibit 99.1 and incorporated into this Item 2.02 by reference, announcing the Company’s financial results for the first quarter of its fiscal year ending December 31, 2026.

Item 8.01 Other Events.

The Company’s press release on May 6, 2026 also announced that the Company’s Board of Directors has declared a quarterly cash dividend of $0.21 per share on the Company’s outstanding shares of common stock. The dividend is payable on June 19, 2026 to stockholders of record as of the close of business on June 8, 2026.

The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished, and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in Item 2.02 of this Current Report is not intended to, and does not, constitute a determination or admission by the Company that the information in Item 2.02 of this Current Report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release, dated May 6, 2026, announcing the Company’s First Quarter 2026 Results and Declaration of a Cash Dividend.
104		Cover Page Interactive Data File (formatted as Inline XBRL).

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.

Dated: May 6, 2026
	STEVEN MADDEN, LTD.
	By:	/s/ Edward R. Rosenfeld
	Name:	Edward R. Rosenfeld
	Title:	Chairman and Chief Executive Officer

Exhibit 99.1

Steve Madden Announces First Quarter 2026 Results

~ Raises Fiscal 2026 Revenue Guidance and Introduces Fiscal 2026 Earnings Guidance ~

LONG ISLAND CITY, N.Y., May 6, 2026 – Steven Madden, Ltd. (Nasdaq: SHOO) (the “Company”), a leading designer and marketer of fashion-forward footwear, accessories and apparel, today announced financial results for the first quarter ended March 31, 2026.

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

First Quarter 2026 Results

● Revenue increased 18.0% to $653.1 million, compared to $553.5 million in the same period of 2025.

● Gross profit as a percentage of revenue was 54.7%, compared to 40.9% in the same period of 2025. Adjusted gross profit as a percentage of revenue was 46.3%, compared to 40.9% in the same period of 2025.

● Operating expenses as a percentage of revenue were 39.5%, compared to 32.0% in the same period of 2025. Adjusted operating expenses as a percentage of revenue were 39.2%, compared to 30.8% in the same period of 2025.

● Income from operations totaled $98.7 million, or 15.1% of revenue, compared to $53.5 million, or 9.7% of revenue, in the same period of 2025. Adjusted income from operations totaled $46.3 million, or 7.1% of revenue, compared to $56.1 million, or 10.1% of revenue, in the same period of 2025.

● Net income attributable to Steven Madden, Ltd. was $71.8 million, or $1.00 per diluted share, compared to $40.4 million, or $0.57 per diluted share, in the same period of 2025. Adjusted net income attributable to Steven Madden, Ltd. was $32.1 million, or $0.45 per diluted share, compared to $42.4 million, or $0.60 per diluted share, in the same period of 2025.

Edward Rosenfeld, Chairman and Chief Executive Officer, commented, “We got off to a solid start to the year in the first quarter, with healthy underlying demand across our brands driven by compelling product assortments and strong marketing execution.

The Steve Madden brand continued to gain momentum, as consumers responded favorably to our on-trend assortments, resulting in strong comps in our direct-to-consumer business and robust sell-through performance in wholesale. The Kurt Geiger London brand also delivered another strong quarter, with continued momentum across channels.

While earnings declined in the first quarter, we expect to return to earnings growth in the second quarter and deliver strong top- and bottom-line growth for the full year. Looking out further, we are confident that our powerful brands, proven business model and talented team position us to deliver sustainable growth for years to come.”

First Quarter 2026 Channel Results

Revenue for the wholesale business in the first quarter of 2026 was $443.6 million, a 1.0% increase compared to the first quarter of 2025. Excluding Kurt Geiger, wholesale revenue declined 8.2%. Wholesale footwear revenue decreased 5.8%, or 12.0% excluding Kurt Geiger. Wholesale accessories/apparel revenue increased 15.1%, or decreased 0.5% excluding Kurt Geiger. Gross profit as a percentage of wholesale revenue was 49.2% in the first quarter of 2026, compared to 35.7% in the first quarter of 2025. Adjusted gross profit as a percentage of wholesale revenue was 39.2%, compared to 35.7% in the first quarter of 2025, due to higher average selling prices as well as mix benefits from the addition of the Kurt Geiger business and a lower penetration of private label.

Direct-to-consumer revenue in the first quarter of 2026 was $206.0 million, an 83.8% increase compared to the first quarter of 2025. Excluding Kurt Geiger, direct-to-consumer revenue increased 8.0%. Gross profit as a percentage of direct-to-consumer revenue was 65.9%, compared to 60.1% in the first quarter of 2025. Adjusted gross profit as a percentage of direct-to-consumer revenue was 60.8%, compared to 60.1% in the first quarter of 2025, as a result of the addition of the Kurt Geiger business as well as a modest increase in the organic business.

The Company ended the quarter with 387 Company-operated brick-and-mortar retail stores, including 95 outlets, as well as eight e-commerce websites and 162 Company-operated concessions in international markets.

Balance Sheet and Cash Flow Highlights

As of March 31, 2026, total debt outstanding was $286.5 million, and cash and cash equivalents were $77.2 million, for net debt of $209.3 million.

During the first quarter of 2026, 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 June 19, 2026 to stockholders of record as of the close of business on June 8, 2026.

Updated Fiscal 2026 Outlook

The Company is raising its fiscal 2026 revenue guidance and introducing fiscal 2026 diluted earnings per share guidance. The Company now expects fiscal 2026 revenue will increase 10% to 12% compared to fiscal 2025. The Company expects fiscal 2026 diluted EPS will be in the range of $2.55 to $2.65. The Company expects Adjusted diluted EPS will be in the range of $2.00 to $2.10.

Conference Call Information

Interested stockholders are invited to listen to the conference call scheduled for today, May 6, 2026, at 8:30 a.m. Eastern Time, which will include a discussion of the Company’s first quarter 2026 earnings results and updated fiscal 2026 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/vf5worz8 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. As such, investors should not rely upon them. Important risk factors include:

● our ability to accurately anticipate fashion trends and promptly respond to consumer demand;

● our ability to compete effectively in a highly competitive market;

● our ability to adapt to our business model to rapid changes in the retail industry;

● our dependence on the hiring and retention of key personnel;

● our ability to successfully implement growth strategies and integrate acquired businesses;

● changes in trade policies, additional tariffs on product imported to the United States, retaliatory trade actions taken by other countries, and resulting trade wars;

● supply chain disruptions to product delivery systems and logistics, and our ability to properly manage inventory;

● geopolitical tensions in the regions in which we operate and any related challenging macroeconomic conditions globally that may materially adversely affect our customers, vendors, and partners, and the duration and extent to which these factors may impact our future business and operations, results of operations, and financial condition;

● our reliance on independent manufacturers to produce and deliver products in a timely manner or to meet our quality standards if we experience a supply chain disruption and we are unable to secure an alternative source of raw materials or end products;

● our dependence on one or more of our significant customers;

● quarterly fluctuations of our financial results;

● extreme or unseasonable weather conditions in locations where we or our customers and suppliers are located;

● fluctuation of our stock price if our operating results are inconsistent with our forecasts or those of analysts who follow us;

● our exposure to risks related to integrating the operations, systems, processes, reporting, supply chains, and personnel of Kurt Geiger into our business;

● our exposure to risks associated with increased indebtedness used to finance the acquisition of Kurt Geiger, including related debt service requirements;

● our ability to manage risks associated with substantial goodwill and intangible assets recorded from the acquisition of Kurt Geiger, which could subsequently become impaired upon adverse changes to the business environment in which we operate;

● disruption of our information technology systems or e-commerce platforms;

● cybersecurity risks and costs of defending against, mitigating, and responding to data security threats and breaches impacting the Company;

● our ability to effectively implement artificial intelligence and data-driven technologies across our operations, and the risks that such technologies may not perform as expected, may be subject to regulatory constraints, or may increase operational, legal, or cybersecurity risks;

● litigation or other legal proceedings could divert management resources and result in costs;

● legal, regulatory, political, and economic risks that may affect our operations in international markets;

● exposure to foreign exchange rate fluctuations;

● our ability to adequately protect our trademarks and other intellectual property rights;

● changes in economic conditions;

● additional tax liabilities resulting from audits by various taxing authorities;

● changes in U.S. and foreign tax laws that could have an adverse effect on our financial results;

● the loss of a significant license;

● the actions of our licensees and diminished brand integrity;

● the actions of our licensees or the loss of a significant licensee and diminished brand integrity;

● failure of our manufacturers, the manufacturers used by our licensees, or our licensees themselves to use acceptable labor practices or to otherwise comply with local laws and other standards;

● our ability to maintain effective internal control over our financial reporting; and

● other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

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
		March 31, 2026				March 31, 2025
Net sales		$	649,660			$	551,382
Licensing fee income			3,436				2,152
Total revenue			653,096				553,534
Cost of sales			295,676				327,267
Gross profit			357,420				226,267
Operating expenses			258,293				177,263
Change in valuation of contingent payment liability			385				(4,495	)
Income from operations			98,742				53,499
Interest and other (expense) / income, net			(3,605	)			829
Income before provision for income taxes			95,137				54,328
Provision for income taxes			23,494				13,068
Net income			71,643				41,260
Less: net (loss) / income attributable to noncontrolling interest			(179	)			837
Net income attributable to Steven Madden, Ltd.		$	71,822			$	40,423
Basic income per share		$	1.01			$	0.57
Diluted income per share		$	1.00			$	0.57
Basic weighted average common shares outstanding			71,163				70,773
Diluted weighted average common shares outstanding			71,876				71,055
Cash dividends declared per common share		$	0.21			$	0.21

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

						As of
		March 31, 2026				December 31, 2025				March 31, 2025
		(Unaudited)								(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	77,157			$	112,423			$	144,762
Short-term investments			—				—				2,480
Accounts receivable, net of allowances			97,098				91,854				70,830
Factor accounts receivable			346,497				311,563				387,706
Inventories			379,369				417,016				238,641
Prepaid expenses and other current assets			139,553				46,759				34,908
Income tax receivable and prepaid income taxes			9,252				21,084				6,686
Total current assets			1,048,926				1,000,699				886,013
Property and equipment, net			112,342				115,802				65,853
Operating lease right-of-use asset			237,305				235,855				152,689
Deposits and other			22,791				22,764				22,040
Deferred tax assets			3,220				3,220				610
Goodwill			254,154				254,518				187,441
Intangibles, net			276,222				281,419				112,555
Total Assets		$	1,954,960			$	1,914,277			$	1,427,201
LIABILITIES
Current liabilities:
Accounts payable		$	195,725			$	197,247			$	217,192
Accrued expenses and other current liabilities			193,664				258,794				110,327
Operating leases - current portion			61,892				58,827				45,526
Income taxes payable			13,192				4,488				18,855
Accrued incentive compensation			6,921				6,351				2,654
Total current liabilities			471,394				525,707				394,554
Contingent payment liability - long-term portion			15,265				14,880				3,070
Operating leases - long-term portion			191,929				193,145				120,730
Long-term debt			286,497				234,166				—
Deferred tax liabilities			36,329				36,142				5,067
Other liabilities			6,298				6,255				104
Total Liabilities			1,007,712				1,010,295				523,525
STOCKHOLDERS’ EQUITY
Total Steven Madden, Ltd. stockholders’ equity			913,152				866,388				875,344
Noncontrolling interest			34,096				37,594				28,332
Total stockholders’ equity			947,248				903,982				903,676
Total Liabilities and Stockholders’ Equity		$	1,954,960			$	1,914,277			$	1,427,201

STEVEN MADDEN, LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

		Three Months Ended
		March 31, 2026				March 31, 2025
Cash flows from operating activities:
Net income		$	71,643			$	41,260
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation			7,279				7,155
Depreciation and amortization			9,358				5,253
Amortization of debt issuance costs			441				—
Loss on disposal of fixed assets			100				1
Deferred taxes			32				441
Change in valuation of contingent payment liability			385				(4,495	)
Other operating activities			100				(843	)
Changes, net of acquisitions, in:
Accounts receivable			(6,448	)			(23,229	)
Factor accounts receivable			(35,574	)			(38,988	)
Inventories			34,266				23,866
Prepaid expenses, income tax receivables, prepaid taxes, and other assets			(83,431	)			3,069
Accounts payable, accrued expenses, and other current liabilities			(55,335	)			(15,357	)
Accrued incentive compensation			595				(12,419	)
Leases and other liabilities			1,252				(4,546	)
Net cash used in operating activities			(55,337	)			(18,832	)
Cash flows from investing activities:
Capital expenditures			(5,901	)			(9,847	)
Maturity / sale of short-term investments			—				11,038
Other investing activities			—				(2,196	)
Net cash used in investing activities			(5,901	)			(1,005	)
Cash flows from financing activities:
Common stock repurchased and net settlements of stock awards			(7,367	)			(7,770	)
Borrowings, net of repayments			52,000				—
Cash dividends paid on common stock			(15,290	)			(15,186	)
Distribution of noncontrolling interest			(2,924	)			(2,946	)
Net cash provided by / (used in) financing activities			26,419				(25,902	)
Effect of exchange rate changes on cash and cash equivalents			(447	)			577
Net decrease in cash and cash equivalents			(35,266	)			(45,162	)
Cash and cash equivalents – beginning of period			112,423				189,924
Cash and cash equivalents – end of period		$	77,157			$	144,762

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
		March 31, 2026				March 31, 2025
GAAP gross profit		$	357,420			$	226,267
Non-GAAP Adjustments			(55,090	)			280
Adjusted gross profit		$	302,330			$	226,547

Table 2 - Reconciliation of GAAP operating expenses to Adjusted operating expenses            

		Three Months Ended
		March 31, 2026				March 31, 2025
GAAP operating expenses		$	258,293			$	177,263
Non-GAAP Adjustments			(2,264	)			(6,796	)
Adjusted operating expenses		$	256,029			$	170,467

Table 3 - Reconciliation of GAAP income from operations to Adjusted income from operations      

		Three Months Ended
		March 31, 2026				March 31, 2025
GAAP income from operations		$	98,742			$	53,499
Non-GAAP Adjustments			(52,441	)			2,580
Adjusted income from operations		$	46,301			$	56,079

Table 4 - Reconciliation of GAAP provision for income taxes to Adjusted provision for income taxes      

		Three Months Ended
		March 31, 2026				March 31, 2025
GAAP provision for income taxes		$	23,494			$	13,068
Non-GAAP Adjustments			(12,684	)			612
Adjusted provision for income taxes		$	10,810			$	13,680

Table 5 - Reconciliation of GAAP net income attributable to Steven Madden, Ltd. to Adjusted net income attributable to Steven Madden, Ltd.

		Three Months Ended
		March 31, 2026				March 31, 2025
GAAP net income attributable to Steven Madden, Ltd.		$	71,822			$	40,423
Non-GAAP Adjustments			(39,757	)			1,968
Adjusted net income attributable to Steven Madden, Ltd.		$	32,065			$	42,391
GAAP diluted net income per share		$	1.00			$	0.57
Adjusted diluted net income per share		$	0.45			$	0.60

Table 6 - Reconciliation of GAAP diluted net income per share to Adjusted diluted net income per share in fiscal 2026 outlook

		Fiscal 2026 Outlook
			Low End				High End
GAAP diluted net income per share		$	2.55			$	2.65
Non-GAAP Adjustments			(0.55	)			(0.55	)
Adjusted diluted net income per share		$	2.00			$	2.10

Non-GAAP Adjustments include the items below.

For the first quarter of 2026:

● $55.1 million pre-tax ($41.8 million after-tax) benefit in connection with the expected recovery of previously incurred tariffs, imposed under the International Emergency Economic Powers Act, on inventory sold in the prior year, included in cost of sales.

● $1.2 million pre-tax ($0.9 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.

● $0.3 million pre-tax ($0.2 million after-tax) expense in connection with an acquisition and formation of joint ventures, included in operating expenses.

● $0.4 million pre-tax ($0.3 million after-tax) net expense in connection with the change in valuation of contingent payment liabilities related to acquisitions.

For the first quarter of 2025:

● $0.3 million pre-tax ($0.2 million after-tax) expense in connection with the purchase accounting fair value adjustment of inventory from acquired businesses, included in cost of sales.

● $1.2 million pre-tax ($0.9 million after-tax) expense in connection with legal settlements and related fees, included in operating expenses.

● $2.4 million pre-tax ($1.8 million after-tax) expense in connection with severances and related charges, included in operating expenses.

● $3.2 million pre-tax ($2.4 million after-tax) expense in connection with an acquisition and formation of joint ventures, included in operating expenses.

● $4.5 million pre-tax ($3.4 million after-tax) net benefit in connection with the change in valuation of contingent payment liabilities related to acquisitions.

Contact

Steven Madden, Ltd.

VP of Corporate Development & Investor Relations

Danielle McCoy

718-308-2611

InvestorRelations@stevemadden.com

FAQ

How did Steve Madden (SHOO) perform in the first quarter of 2026?

Steve Madden reported total revenue of $653.1 million and net income attributable to the company of $71.8 million for Q1 2026. Diluted EPS was $1.00, up from $0.57 in Q1 2025, reflecting strong reported profitability and margin expansion.

What were Steve Madden’s key revenue drivers in Q1 2026?

Wholesale revenue was $443.6 million, up 1.0%, while direct-to-consumer revenue jumped 83.8% to $206.0 million. Excluding Kurt Geiger, direct-to-consumer revenue still grew 8.0%, supported by strong comps in the Steve Madden brand and robust sell-through in wholesale.

What guidance did Steve Madden (SHOO) provide for fiscal 2026?

The company now expects fiscal 2026 revenue to increase 10%–12% compared to 2025. It introduced diluted EPS guidance of $2.55–$2.65 and Adjusted diluted EPS of $2.00–$2.10, outlining management’s expectations for both reported and non-GAAP earnings performance.

What dividend did Steve Madden declare with the Q1 2026 results?

The board declared a quarterly cash dividend of $0.21 per share on outstanding common stock. The dividend is payable on June 19, 2026 to stockholders of record as of the close of business on June 8, 2026.

How did Steve Madden’s margins and Adjusted earnings trend in Q1 2026?

Wholesale gross margin rose to 49.2% and direct-to-consumer gross margin to 65.9%. However, Adjusted net income attributable to Steven Madden, Ltd. was $32.1 million with Adjusted diluted EPS of $0.45, below the prior-year Adjusted EPS of $0.60.

What does Steve Madden’s balance sheet look like after Q1 2026?

As of March 31, 2026, the company had total assets of $1.95 billion, total liabilities of $1.01 billion, and total stockholders’ equity of $947.2 million. Long-term debt was $286.5 million, and cash and cash equivalents totaled $77.2 million.

How much cash did Steve Madden generate or use in Q1 2026?

Net cash used in operating activities was $55.3 million for the three months ended March 31, 2026. The company also used $5.9 million for capital expenditures and had net cash provided by financing activities of $26.4 million, mainly from borrowings.

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