Wolverine World Wide raises 2026 EPS view to $1.88–$1.92
The refunds benefited each diluted EPS measure by approximately $0.31 and each of three margins by approximately 640 basis points.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Wolverine World Wide, Inc. (WWW) reported third-quarter 2026 revenue of $505.4 million, up 7.5% from $470.3 million a year earlier. Diluted earnings per share were $0.78 versus $0.30, while adjusted diluted earnings per share were $0.79 versus $0.36. The company received $35.3 million, including interest, in IEEPA tariff refunds. It said the refunds benefited gross, operating and adjusted operating margins by approximately 640 basis points each and, net of tax, diluted and adjusted diluted EPS by approximately $0.31 each.
WWW raised its 2026 outlook: revenue is now expected to be approximately $2.000 billion to $2.010 billion, compared with the previous $1.980 billion to $2.000 billion range. Diluted EPS guidance is $1.88 to $1.92 and adjusted diluted EPS guidance is $1.95 to $1.99; both include an approximate $0.32 benefit from refunds. At October 3, 2026, net debt was $399 million, down $143 million, or 26.4%, compared with September 27, 2025.
4 points · 1 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.WWW raised 2026 revenue guidance to approximately $2.000 billion to $2.010 billion.
- Moderate pointThird-quarter revenue rose 7.5% to $505.4 million year over year.
- Moderate pointDiluted EPS rose 160.0% to $0.78 from $0.30.
- Moderate pointNet debt declined 26.4% to $399 million versus September 27, 2025.
Negative
- None.
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
Third-quarter revenue: $505.4 million; up 7.5% from $470.3 million
Third-quarter gross margin: 54.6%; up 710 basis points from 47.5%
Third-quarter diluted EPS: $0.78; up 160.0% from $0.30
+5 more
8 metrics
Third-quarter revenue
$505.4 million; up 7.5% from $470.3 million
Quarter ended October 3, 2026, compared with the prior-year quarter
Third-quarter gross margin
54.6%; up 710 basis points from 47.5%
Quarter ended October 3, 2026, compared with the prior-year quarter
Third-quarter diluted EPS
$0.78; up 160.0% from $0.30
Quarter ended October 3, 2026, compared with the prior-year quarter
Third-quarter adjusted diluted EPS
$0.79; up 119.4% from $0.36
Quarter ended October 3, 2026, compared with the prior-year quarter
IEEPA tariff refunds received
$35.3 million, including interest
Received during the third quarter of 2026
Margin benefit from IEEPA tariff refunds
Approximately 640 basis points each
Gross, operating and adjusted operating margins in the third quarter of 2026
Fiscal 2026 revenue outlook
Approximately $2.000 billion to $2.010 billion
Current full-year outlook
Net debt
$399 million; down $143 million, or 26.4%
At October 3, 2026, compared with September 27, 2025
Key Terms
Constant currency, Non-GAAP measure, IEEPA tariff refunds, Adjusted operating margin, +1 more
5 terms
Constant currency financial
"constant currency information, which is a non-GAAP measure"
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 measure financial
"constant currency information, which is a non-GAAP measure"
A non-GAAP measure is a company-crafted financial metric that adjusts or excludes items from standard accounting numbers to highlight what management sees as the business’s core performance. Investors use these figures like a filtered photo to reveal trends or cash flow drivers that raw accounting totals might hide, but because companies decide which items to remove, these measures should be compared with standard statements to avoid being misled.
IEEPA tariff refunds regulatory
"received refunds of $35.3 million, including interest, related to IEEPA tariffs"
Refunds under the International Emergency Economic Powers Act (IEEPA) are repayments of import duties, fees, or penalties that were charged because of trade restrictions or sanctions put in place under emergency authority and later reversed, modified, or found inapplicable. For investors, these refunds can change a company’s past cash outflows and future cost structure—similar to getting a billed charge returned after a rule change—affecting reported earnings or cash available for other uses.
Adjusted operating margin financial
"Adjusted operating margin was 17.8% compared to 9.1%"
Adjusted operating margin shows how much profit a company makes from its core business activities, after removing unusual or one-time costs and income. It helps investors see the company's true profitability by providing a clearer picture, similar to removing unexpected expenses to understand the regular performance. This metric is useful for comparing companies or tracking performance over time, as it highlights consistent earning power.
Effective tax rate financial
"Effective tax rate to be approximately 19.0%"
The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.
Earnings Snapshot
Revenue: $505.4 million · Guidance included
Third quarter ended October 3, 2026
Revenue
$505.4 million
Up 7.5% year over year
Gross margin
54.6%
Up 710 basis points year over year
Operating margin
17.7%
Up 930 basis points year over year
Diluted EPS
$0.78
Up 160.0% year over year
Adjusted diluted EPS
$0.79
Up 119.4% year over year
Guidance
Fiscal 2026 outlook: revenue approximately $2.000 billion to $2.010 billion; diluted EPS $1.88 to $1.92; adjusted diluted EPS $1.95 to $1.99. The outlook includes the benefit of IEEPA tariff refunds.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was WWW's revenue in the third quarter of 2026?
Wolverine World Wide reported revenue of $505.4 million for the quarter ended October 3, 2026, up 7.5% from $470.3 million in the prior-year quarter.
How much did WWW raise its 2026 revenue and EPS outlook?
Revenue guidance is now approximately $2.000 billion to $2.010 billion, versus the previous $1.980 billion to $2.000 billion. Diluted EPS guidance is $1.88 to $1.92, versus $1.48 to $1.58; adjusted diluted EPS guidance is $1.95 to $1.99, versus $1.55 to $1.65. Each EPS range includes an approximate $0.32 benefit from IEEPA tariff refunds.
How did IEEPA tariff refunds affect WWW's third-quarter results?
Wolverine World Wide received $35.3 million, including interest, in IEEPA tariff refunds during the quarter. The company said the refunds benefited gross, operating and adjusted operating margins by approximately 640 basis points each and, net of tax, diluted and adjusted diluted EPS by approximately $0.31 each.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 12, 2026
________________________________________________
WOLVERINE WORLD WIDE, INC. | ||
| (Exact name of registrant as specified in its charter) | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| , | , | |||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
Registrant’s telephone number, including area code: (616) 866-5500
________________________________________________
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 (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
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 November 12, 2026, Wolverine World Wide, Inc. (the “Company”) issued a press release announcing its financial results for the Company’s third quarter of 2026, attached as Exhibit 99.1 to this Current Report on Form 8-K (the “8-K”), which is hereby incorporated by reference. This 8-K and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. | ||||||||||
| (d) | Exhibits: | ||||||||||
| 99.1 | Press Release dated November 12, 2026. | ||||||||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101). | ||||||||||
2
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: November 12, 2026 | WOLVERINE WORLD WIDE, INC. (Registrant) | ||||
| /s/ Taryn L. Miller | |||||
| Taryn L. Miller | |||||
| Chief Financial Officer | |||||
3
Exhibit 99.1
 | 9341 Courtland Drive NE, Rockford, MI 49351 Phone (616) 866-5500 | ||||
FOR IMMEDIATE RELEASE
CONTACT: Jared Filippone, CFA
Head of Investor Relations
investor.relations@wwwinc.com
WOLVERINE WORLDWIDE REPORTS
THIRD QUARTER 2026 RESULTS
ROCKFORD, Mich., November 12, 2026 – Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the third quarter ended October 3, 2026.
"We delivered a strong third quarter performance, led by our two largest brands and disciplined execution across the business," said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide. "This quarter, now our eighth consecutive quarter of growth, is further evidence that our transformation story is also a growth story – with continued earnings improvement and a healthier balance sheet providing us greater capacity to invest behind our brands and the opportunities we see ahead. While we continue to navigate a dynamic environment – based on our year-to-date results and our expectations for the final quarter of the year – we're raising our outlook for 2026."
THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS
| (in millions) | October 3, 2026 | September 27, 2025 | Y/Y Change | Constant Currency Change | ||||||||||||||||
| Reported Segment Revenue Results: | ||||||||||||||||||||
| Active Group | $387.8 | $352.8 | 9.9% | 10.2% | ||||||||||||||||
| Work Group | $106.9 | $105.9 | 0.9% | 0.8% | ||||||||||||||||
| Other | $10.7 | $11.6 | (7.8)% | (6.0)% | ||||||||||||||||
| Total Revenue | $505.4 | $470.3 | 7.5% | 7.7% | ||||||||||||||||
| Supplemental Revenue Information | ||||||||||||||||||||
| Merrell | $178.2 | $167.3 | 6.5% | 6.8% | ||||||||||||||||
| Saucony | $158.9 | $133.1 | 19.4% | 19.7% | ||||||||||||||||
| Wolverine | $43.5 | $45.3 | (4.1)% | (4.1)% | ||||||||||||||||
| Sweaty Betty | $41.4 | $44.5 | (7.0)% | (6.5)% | ||||||||||||||||
| International | $271.2 | $242.7 | 11.7% | 12.1% | ||||||||||||||||
| Direct-to-Consumer | $109.1 | $106.8 | 2.2% | 2.3% | ||||||||||||||||
| Reported Financial Metrics | ||||||||||||||||||||
| Gross Margin | 54.6% | 47.5% | 710 bps | |||||||||||||||||
| Operating Expenses | $186.4 | $183.6 | 1.5% | |||||||||||||||||
| Operating Margin | 17.7% | 8.4% | 930 bps | |||||||||||||||||
| Diluted Earnings Per Share | $0.78 | $0.30 | 160.0% | |||||||||||||||||
| Non-GAAP Financial Metrics | ||||||||||||||||||||
| Adjusted Operating Expenses | $186.0 | $180.2 | 3.2% | |||||||||||||||||
| Adjusted Operating Margin | 17.8% | 9.1% | 870 bps | |||||||||||||||||
| Adjusted Diluted Earnings Per Share | $0.79 | $0.36 | 119.4% | |||||||||||||||||
| Constant Currency Adjusted Diluted Earnings Per Share | $0.75 | $0.36 | 108.3% | |||||||||||||||||
1
During the third quarter of 2026, the Company received refunds of $35.3 million, including interest, related to International Emergency Economic Powers Act ("IEEPA") tariffs paid by the Company. As of October 3, 2026, $32.6 million was recorded as a reduction to cost of goods sold, $1.3 million was recorded as a reduction to interest expense, and $1.4 million was recorded as a reduction to inventory. In the third quarter of 2026, the IEEPA tariff refunds benefited gross margin, operating margin, and adjusted operating margin by approximately 640 basis points each and, net of tax, diluted earnings per share and adjusted diluted earnings per share by approximately $0.31 each.
Gross margin was 54.6% compared to 47.5% in the prior year.
Operating margin was 17.7% compared to 8.4% in the prior year, and adjusted operating margin was 17.8% compared to 9.1% in the prior year.
Diluted earnings per share was $0.78 compared to $0.30 in the prior year, and adjusted diluted earnings per share was $0.79 compared to $0.36 in the prior year.
BALANCE SHEET (October 3, 2026 as compared to September 27, 2025)
Cash and cash equivalents were $148 million, an increase of $14 million, or 10.6%.
Inventory was $278 million, a decrease of $14 million, or 4.9%.
Net Debt was $399 million, a decrease of $143 million, or 26.4%.
FULL-YEAR 2026 OUTLOOK
The Company's outlook reflects the impact of foreign currency and includes the benefit of IEEPA tariff refunds received in the third quarter. The Company's previous outlook did not include any benefit from IEEPA tariff refunds. Additionally, fiscal 2026 is a 52-week year and fiscal 2025 was a 53-week year, which will affect annual comparisons.
For fiscal year 2026, the Company currently expects:
•Revenue to be approximately $2.000 billion to $2.010 billion, representing growth of approximately 6.7% to 7.2% compared to 2025, constant currency growth of approximately 5.9% to 6.4%, and constant currency growth of approximately 6.6% to 7.2% excluding the impact of the 53rd week in 2025. This compares to the previous outlook for revenue of approximately $1.980 billion to $2.000 billion.
•Gross margin to be approximately 48.7%, up 140 basis points compared to 2025, including an approximate 170 basis point benefit from IEEPA tariff refunds. This compares to the previous outlook for gross margin of approximately 46.9%.
•Operating margin to be approximately 11.5%, up 350 basis points compared to 2025, and adjusted operating margin to be approximately 11.8%, up 280 basis points compared to 2025, each including an approximate 170 basis point benefit from IEEPA tariff refunds. This compares to the previous outlook for operating margin of approximately 9.5% and adjusted operating margin of approximately 9.9%.
•Effective tax rate to be approximately 19.0%. This compares to the previous outlook for effective tax rate of approximately 18.0%.
•Diluted earnings per share in the range of $1.88 to $1.92 and adjusted diluted earnings per share in the range of $1.95 to $1.99, each including an approximate $0.32 benefit from IEEPA tariff refunds. This compares to the previous outlook for diluted earnings per share in the range of $1.48 to $1.58 and adjusted diluted earnings per share in the range of $1.55 to $1.65.
•Diluted weighted average shares of approximately 82.5 million. This compares to the previous outlook for diluted weighted average shares of approximately 82.0 million.
2
NON-GAAP FINANCIAL MEASURES
Measures referred to in this release as “adjusted” financial results are non-GAAP measures. Adjusted financial results exclude legal settlement costs, environmental and other related costs net of recoveries, reorganization costs and financing transaction costs. The Company also presents constant currency information, which is a non-GAAP measure that excludes the impact of fluctuations in foreign currency exchange rates. The Company calculates constant currency basis by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's prior period reported results. The Company believes providing each of these non-GAAP measures provides valuable supplemental information regarding its results of operations, consistent with how the Company evaluates performance. The Company also presents constant currency revenue growth excluding the impact of the 53rd week of fiscal 2025, which further excludes revenue recognized in the 53rd week of fiscal 2025, because the Company believes it improves the comparability of a 52-week year to a 53-week year.
The Company has provided a reconciliation of each of the above non-GAAP financial measures to the most directly comparable GAAP financial measure. The Company believes these non-GAAP measures provide useful information to both management and investors because they increase the comparability of current period results to prior period results by adjusting for certain items that may not be indicative of core operating results and enable better identification of trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
EARNINGS CALL INFORMATION
The Company will host a conference call today at 8:30 a.m. ET to discuss these results and current business trends. The conference call will be broadcast live and accessible at investors.wolverineworldwide.com under the "Events & Presentations" section. A replay of the conference call will be available on the Company’s website shortly after the conclusion of the call and will remain accessible for approximately one year.
ABOUT WOLVERINE WORLDWIDE
Wolverine World Wide, Inc. (NYSE: WWW) is a global footwear and apparel company driven by a vision to Make. Every Day. Better. Founded in 1883, the Company builds and grows iconic brands including Merrell®, Saucony®, Wolverine®, Sweaty Betty®, Chaco®, Hush Puppies®, Stride Rite®, HYTEST®, and Bates®, along with footwear licenses for Cat® and Harley-Davidson®. Headquartered in Rockford, Michigan, the Company’s products are sold in approximately 170 countries and territories worldwide. For more information, visit www.wolverineworldwide.com.
3
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including statements regarding the Company’s investment plans and the Company's outlook for 2026 including, among other results: reported and constant currency revenue; reported gross margin; reported and adjusted operating margin; reported and adjusted net earnings; reported and adjusted diluted earnings per share; diluted weighted average shares; effective tax rate; and the benefit of IEEPA tariff refunds. In addition, words such as “estimates,” “anticipates,” “believes,” “forecasts,” “step,” “plans,” “predicts,” “focused,” “projects,” “outlook,” “is likely,” “expects,” “intends,” “should,” “will,” “confident,” variations of such words, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions (“Risk Factors”) that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors include, among others: changes in general economic conditions, geopolitical conditions, employment rates, business conditions, interest rates, tax policies, and other factors affecting consumer spending and confidence in the markets and regions in which the Company’s products are sold; increases or changes in duties, tariffs, quotas or applicable assessment in countries of import and export; the inability for any reason to effectively compete in global footwear, apparel and direct-to-consumer markets; the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences; the inability to effectively manage inventory levels; foreign currency exchange rate fluctuations; currency restrictions; supply chain and capacity constraints, production and distribution disruptions, including service interruptions at shipping and receiving ports, reduction in operating hours, labor shortages, and facility closures resulting in production delays at the Company’s manufacturers, quality issues, price increases or other risks associated with foreign sourcing; the cost, including the effect of inflationary pressures, and availability of raw materials, inventories, services and labor for contract manufacturers; changes in relationships with, including the loss of, significant wholesale customers; risks related to the significant investment in, and performance of, the Company’s direct-to-consumer operations; risks related to expansion into new markets and complementary product categories; the impact of seasonality and unpredictable weather conditions; the impact of changes in general economic conditions, potential economic slowdown and/or the credit markets on the Company’s manufacturers, distributors, suppliers, joint venture partners and wholesale customers; changes in the Company’s effective tax rates; failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company; the risks of doing business in developing countries, and politically or economically volatile areas; the ability to secure and protect owned intellectual property or use licensed intellectual property; legal compliance and litigation risks, including with respect to federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and environmental effects on human health; risks of breach of the Company’s databases or other systems, or those of its vendors, which contain certain personal information, payment card data or proprietary information, due to cyberattack or other similar events; strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the Company’s success in integrating acquired businesses; risks related to stockholder activism; the risk of impairment to goodwill and other intangibles; the success of the Company's restructuring and realignment initiatives undertaken from time to time; changes in future pension funding requirements and pension expenses; and additional factors discussed in the Company’s reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may cause actual results to differ materially from those contained in any forward-looking statements. Given these or other risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements whether as a result of new information, future events or otherwise.
# # #
4
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except earnings per share)
| Quarter Ended | Year-To-Date Ended | ||||||||||||||||||||||
| October 3, 2026 | September 27, 2025 | October 3, 2026 | September 27, 2025 | ||||||||||||||||||||
Revenue | $ | 505.4 | $ | 470.3 | $ | 1,469.4 | $ | 1,356.8 | |||||||||||||||
Cost of goods sold | 229.3 | 247.1 | 740.2 | 713.5 | |||||||||||||||||||
Gross profit | 276.1 | 223.2 | 729.2 | 643.3 | |||||||||||||||||||
Gross margin | 54.6 | % | 47.5 | % | 49.6 | % | 47.4 | % | |||||||||||||||
Selling, general and administrative expenses | 186.0 | 183.1 | 556.1 | 537.5 | |||||||||||||||||||
| Environmental and other related costs (income), net of recoveries | 0.4 | 0.5 | 2.2 | 4.5 | |||||||||||||||||||
Operating expenses | 186.4 | 183.6 | 558.3 | 542.0 | |||||||||||||||||||
Operating expenses as a % of revenue | 36.9 | % | 39.0 | % | 38.0 | % | 39.9 | % | |||||||||||||||
| Operating profit | 89.7 | 39.6 | 170.9 | 101.3 | |||||||||||||||||||
Operating margin | 17.7 | % | 8.4 | % | 11.6 | % | 7.5 | % | |||||||||||||||
Interest expense, net | 4.8 | 8.1 | 18.4 | 24.6 | |||||||||||||||||||
| Other expense (income), net | 0.2 | (1.6) | (0.6) | (4.5) | |||||||||||||||||||
Total other expenses | 5.0 | 6.5 | 17.8 | 20.1 | |||||||||||||||||||
| Earnings before income taxes | 84.7 | 33.1 | 153.1 | 81.2 | |||||||||||||||||||
| Income tax expense | 17.6 | 6.8 | 30.7 | 12.7 | |||||||||||||||||||
Effective tax rate | 20.7 | % | 20.5 | % | 20.0 | % | 15.6 | % | |||||||||||||||
| Net earnings | 67.1 | 26.3 | 122.4 | 68.5 | |||||||||||||||||||
| Less: net earnings attributable to noncontrolling interests | 1.3 | 1.2 | 5.2 | 4.5 | |||||||||||||||||||
| Net earnings attributable to Wolverine World Wide, Inc. | $ | 65.8 | $ | 25.1 | $ | 117.2 | $ | 64.0 | |||||||||||||||
| Diluted earnings per share | $ | 0.78 | $ | 0.30 | $ | 1.40 | $ | 0.76 | |||||||||||||||
Supplemental information: | |||||||||||||||||||||||
| Net earnings used to calculate diluted earnings per share | $ | 64.2 | $ | 24.4 | $ | 114.4 | $ | 62.1 | |||||||||||||||
| Shares used to calculate diluted earnings per share | 82.1 | 81.7 | 81.9 | 81.2 | |||||||||||||||||||
5
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
| October 3, 2026 | September 27, 2025 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 148.1 | $ | 133.9 | |||||||
Accounts receivables, net | 219.4 | 210.8 | |||||||||
Inventories, net | 278.2 | 292.5 | |||||||||
Other current assets | 70.1 | 79.6 | |||||||||
Total current assets | 715.8 | 716.8 | |||||||||
Property, plant and equipment, net | 75.0 | 84.8 | |||||||||
Lease right-of-use assets | 101.6 | 100.8 | |||||||||
Goodwill and other indefinite-lived intangibles | 607.0 | 610.3 | |||||||||
Other noncurrent assets | 177.9 | 193.9 | |||||||||
Total assets | $ | 1,677.3 | $ | 1,706.6 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable and other accrued liabilities | $ | 350.6 | $ | 368.9 | |||||||
Lease liabilities | 36.6 | 34.9 | |||||||||
| Borrowings under revolving credit agreements | — | 130.0 | |||||||||
Total current liabilities | 387.2 | 533.8 | |||||||||
Long-term debt | 547.4 | 546.4 | |||||||||
Lease liabilities, noncurrent | 100.7 | 110.8 | |||||||||
Other noncurrent liabilities | 108.1 | 124.6 | |||||||||
Stockholders' equity | 533.9 | 391.0 | |||||||||
Total liabilities and stockholders' equity | $ | 1,677.3 | $ | 1,706.6 | |||||||
6
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
| Year-To-Date Ended | |||||||||||
| October 3, 2026 | September 27, 2025 | ||||||||||
| OPERATING ACTIVITIES | |||||||||||
| Net earnings | $ | 122.4 | $ | 68.5 | |||||||
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 15.8 | 20.3 | |||||||||
| Deferred income taxes | 0.3 | 0.2 | |||||||||
| Stock-based compensation expense | 21.1 | 18.4 | |||||||||
| Pension and SERP expense | — | (0.5) | |||||||||
| Environmental and other related costs | (5.8) | (8.3) | |||||||||
| Other | (7.2) | (7.4) | |||||||||
| Changes in operating assets and liabilities | (73.0) | (97.4) | |||||||||
| Net cash provided by (used in) operating activities | 73.6 | (6.2) | |||||||||
| INVESTING ACTIVITIES | |||||||||||
| Additions to property, plant and equipment | (7.7) | (13.9) | |||||||||
| Proceeds from company-owned insurance policy liquidations | 0.2 | 2.2 | |||||||||
| Other | (0.3) | (1.2) | |||||||||
| Net cash used in investing activities | (7.8) | (12.9) | |||||||||
| FINANCING ACTIVITIES | |||||||||||
| Payments under revolving credit agreements | (398.0) | (355.0) | |||||||||
| Borrowings under revolving credit agreements | 323.0 | 415.0 | |||||||||
| Proceeds from company-owned insurance policies | (12.4) | — | |||||||||
| Payments on long-term debt | — | (32.5) | |||||||||
| Payments of debt issuance costs | — | (3.9) | |||||||||
| Cash dividends paid | (25.3) | (25.0) | |||||||||
Employee taxes paid under stock-based compensation plans | (8.7) | (9.1) | |||||||||
| Proceeds from the exercise of stock options | 0.2 | 12.2 | |||||||||
| Net cash provided by (used in) financing activities | (121.2) | 1.7 | |||||||||
| Effect of foreign exchange rate changes | (2.8) | (0.8) | |||||||||
| Decrease in cash and cash equivalents | (58.2) | (18.2) | |||||||||
| Cash and cash equivalents at beginning of the year | 206.3 | 152.1 | |||||||||
| Cash and cash equivalents at end of the quarter | $ | 148.1 | $ | 133.9 | |||||||
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The following tables contain information regarding the non-GAAP financial measures used by the Company in the presentation of its financial results:
WOLVERINE WORLD WIDE, INC.
Q3 2026 RECONCILIATION TABLES
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED
REVENUE ON A CONSTANT CURRENCY BASIS*
(Unaudited)
(In millions)
GAAP Basis 2026-Q3 | Foreign Exchange Impact | Constant Currency Basis 2026-Q3 | GAAP Basis 2025-Q3 | Reported Change | Constant Currency Change | ||||||||||||||||||||||||||||||
| REVENUE | |||||||||||||||||||||||||||||||||||
| Active Group | $ | 387.8 | $ | 0.9 | $ | 388.7 | $ | 352.8 | 9.9 | % | 10.2 | % | |||||||||||||||||||||||
| Work Group | 106.9 | (0.2) | 106.7 | 105.9 | 0.9 | % | 0.8 | % | |||||||||||||||||||||||||||
| Other | 10.7 | 0.2 | 10.9 | 11.6 | (7.8) | % | (6.0) | % | |||||||||||||||||||||||||||
| Total | $ | 505.4 | $ | 0.9 | $ | 506.3 | $ | 470.3 | 7.5 | % | 7.7 | % | |||||||||||||||||||||||
RECONCILIATION OF REPORTED OPERATING EXPENSES
TO ADJUSTED OPERATING EXPENSES*
(Unaudited)
(In millions)
| GAAP Basis | Adjustment (1) | As Adjusted | |||||||||||||||
Operating expenses - Fiscal 2026 Q3 | $ | 186.4 | $ | (0.4) | $ | 186.0 | |||||||||||
Operating expenses - Fiscal 2025 Q3 | $ | 183.6 | $ | (3.4) | $ | 180.2 | |||||||||||
(1)Q3 2026 adjustments reflect $0.4 million of environmental and other related costs net of recoveries. Q3 2025 adjustments reflect $2.9 million of reorganization costs and $0.5 million of environmental and other related costs net of recoveries. | |||||||||||||||||
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RECONCILIATION OF REPORTED OPERATING MARGIN
TO ADJUSTED OPERATING MARGIN*
(Unaudited)
(In millions)
| GAAP Basis | Adjustments (1) | As Adjusted | |||||||||||||||
Operating Profit - Fiscal 2026 Q3 | $ | 89.7 | $ | 0.4 | $ | 90.1 | |||||||||||
| Operating margin | 17.7 | % | 17.8 | % | |||||||||||||
Operating Profit - Fiscal 2025 Q3 | $ | 39.6 | $ | 3.4 | $ | 43.0 | |||||||||||
| Operating margin | 8.4 | % | 9.1 | % | |||||||||||||
(1)Q3 2026 adjustments reflect $0.4 million of environmental and other related costs net of recoveries. Q3 2025 adjustments reflect $2.9 million of reorganization costs and $0.5 million of environmental and other related costs net of recoveries. | |||||||||||||||||
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED
DILUTED EPS ON A CONSTANT CURRENCY BASIS*
(Unaudited)
| GAAP Basis | Adjustments (1) | As Adjusted | Foreign Exchange Impact | As Adjusted EPS On a Constant Currency Basis | |||||||||||||||||||||||||
EPS - Fiscal 2026 Q3 | $ | 0.78 | $ | 0.01 | $ | 0.79 | $ | (0.04) | $ | 0.75 | |||||||||||||||||||
EPS - Fiscal 2025 Q3 | $ | 0.30 | $ | 0.06 | $ | 0.36 | |||||||||||||||||||||||
(1)Q3 2026 adjustments reflect environmental and other related costs net of recoveries. Q3 2025 adjustments reflect reorganization costs, financing transaction costs and environmental and other related costs net of recoveries. | |||||||||||||||||||||||||||||
9
2026 GUIDANCE RECONCILIATION TABLES
RECONCILIATION OF REPORTED GUIDANCE TO ADJUSTED GUIDANCE,
REPORTED DILUTED EPS GUIDANCE TO ADJUSTED DILUTED EPS
GUIDANCE AND SUPPLEMENTAL INFORMATION*
(Unaudited)
(In millions, except earnings per share)
| GAAP Basis | Adjustments (1) | As Adjusted | |||||||||||||||
| Revenue - Fiscal 2026 Full Year | $2,000 - $2,010 | $2,000 - $2,010 | |||||||||||||||
| Gross Margin - Fiscal 2026 Full Year | 48.7 | % | 48.7 | % | |||||||||||||
| Operating Margin - Fiscal 2026 Full Year | 11.5 | % | 0.3 | % | 11.8 | % | |||||||||||
| Diluted EPS - Fiscal 2026 Full Year | $1.88 - $1.92 | $0.07 | $1.95 - $1.99 | ||||||||||||||
| Fiscal 2026 Full Year Supplemental information: | |||||||||||||||||
| Net Earnings | $160 - $163 | $6 | $166 - $169 | ||||||||||||||
| Net Earnings used to calculate diluted earnings per share | $156 - $159 | $6 | $162 - $165 | ||||||||||||||
| Shares used to calculate diluted earnings per share | 82.5 | 82.5 | |||||||||||||||
(1)2026 adjustments reflect legal settlement costs and estimated environmental and other related costs net of recoveries. | |||||||||||||||||
*To supplement the consolidated condensed financial statements presented in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company describes what certain financial measures would have been if legal settlement costs, environmental and other related costs net of recoveries, reorganization costs and financing transaction costs were excluded. The Company believes these non-GAAP measures provide useful information to both management and investors by increasing comparability to the prior period by adjusting for certain items that may not be indicative of the Company's core operating business results and to better identify trends in the Company's business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis.
The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding results of operations, consistent with how the Company evaluates performance. The Company calculates constant currency by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company's prior period reported results.
Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitution for, financial information prepared in accordance with GAAP. Reconciliations of all non-GAAP measures included in this press release to the most directly comparable GAAP measures are found in the financial tables above.
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