Wolverine World Wide (NYSE: WWW) lifts 2026 guidance after Q2 earnings jump
Rhea-AI Filing Summary
Wolverine World Wide, Inc. reported second-quarter 2026 revenue of $506.4 million, up 6.8% year over year, led by the Active Group and key brands Merrell and Saucony. Net earnings attributable to the company were $31.2 million, with diluted EPS of $0.37, up 15.6% from $0.32. Operating margin improved to 9.3% from 8.6%, while gross margin was 46.5% versus 47.2%, reflecting higher U.S. tariffs partially offset by price increases and mitigation efforts.
Cash and cash equivalents were $158.5 million and inventory declined to $269.3 million. Net debt fell to $443 million, a 22.0% decrease compared with June 28, 2025. Operating cash flow for the year-to-date period was $3.4 million versus a use of $39.2 million a year earlier.
For full-year 2026, the company raised its outlook, now expecting revenue of $1.980–$2.000 billion, gross margin of about 46.9%, operating margin of about 9.5% and adjusted operating margin of about 9.9%. Diluted EPS is projected at $1.48–$1.58, with adjusted diluted EPS of $1.55–$1.65, both higher than previous guidance.
Positive
- Diluted EPS rose 15.6% year over year in Q2 2026 to $0.37, with adjusted diluted EPS increasing to $0.40, indicating stronger profitability.
- The company raised full-year 2026 guidance, lifting revenue expectations to $1.980–$2.000 billion and adjusted diluted EPS to $1.55–$1.65.
- Net debt decreased 22.0% to $443 million, alongside a decline in inventory of 17.0% to $269 million, improving the balance sheet.
- Year-to-date operating cash flow improved to $3.4 million from a use of $39.2 million, reflecting better cash generation.
Negative
- Q2 2026 gross margin declined to 46.5% from 47.2%, primarily due to higher U.S. tariffs despite pricing and mitigation actions.
Insights
Analyzing...
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, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $506.4 million
Q2 2026 Diluted EPS: $0.37
Q2 2026 Operating Margin: 9.3%
+5 more
8 metrics
Q2 2026 Revenue
$506.4 million
Quarter ended July 4, 2026; 6.8% year-over-year increase
Q2 2026 Diluted EPS
$0.37
Up 15.6% from $0.32 in Q2 2025
Q2 2026 Operating Margin
9.3%
Improved from 8.6% in the prior-year quarter
Q2 2026 Gross Margin
46.5%
Down from 47.2% a year earlier due to higher U.S. tariffs
Cash and Cash Equivalents
$158.5 million
Balance sheet as of July 4, 2026
Net Debt
$443 million
Decreased 22.0% versus June 28, 2025
2026 Revenue Guidance
$1.980–$2.000 billion
Full-year 2026 expected revenue range, raised from prior outlook
2026 Adjusted EPS Guidance
$1.55–$1.65
Full-year 2026 adjusted diluted EPS guidance, higher than previous range
Key Terms
constant currency, adjusted operating margin, Net Debt, non-GAAP measures, +1 more
5 terms
constant currency financial
"represents growth of approximately 5.6% to 6.7% compared to 2025, constant currency growth"
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.
adjusted operating margin financial
"adjusted operating margin to be approximately 9.9%, up 90 basis points compared to 2025"
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.
Net Debt financial
"Net Debt was $443 million, a decrease of $125 million, or 22.0%."
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
non-GAAP measures financial
"Measures referred to in this release as “adjusted” financial results are non-GAAP measures."
Financial results that companies present using formulas or adjustments different from standard accounting rules (GAAP) to highlight what management considers the business’s ongoing performance. Investors care because these figures can make trends or profitability look clearer—like showing a car’s fuel efficiency after removing unusual trips—but they can also hide one‑time costs or aggressive assumptions, so comparing them with GAAP numbers helps judge reliability.
Earnings Snapshot
Revenue: $506.4 million · Guidance included
quarter ended July 4, 2026
Revenue
$506.4 million
6.8% year-over-year increase
Diluted EPS
$0.37
15.6% year-over-year increase
Operating Margin
9.3%
up from 8.6% in Q2 2025
Adjusted Diluted EPS
$0.40
up from $0.35 in Q2 2025
Guidance
For full-year 2026, the company expects revenue of $1.980–$2.000 billion, gross margin of about 46.9%, operating margin of about 9.5%, adjusted operating margin of about 9.9%, and diluted EPS of $1.48–$1.58 with adjusted diluted EPS of $1.55–$1.65.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Wolverine World Wide (WWW) perform financially in Q2 2026?
Wolverine World Wide reported $506.4 million in Q2 2026 revenue, up 6.8% year over year, and diluted EPS of $0.37, up 15.6%. Operating margin improved to 9.3%, supported by strong performances from Merrell and Saucony and lower operating expenses as a percentage of revenue.
Which Wolverine World Wide (WWW) segments and brands drove Q2 2026 growth?
Growth was led by the Active Group, with revenue of $388.4 million, and key brands Merrell ($175.5 million) and Saucony ($158.6 million). International revenue reached $277.2 million, up 10.9%, while Work Group revenue softened slightly to $105.8 million.
What is Wolverine World Wide’s (WWW) 2026 revenue and earnings outlook?
For 2026, the company expects revenue of $1.980–$2.000 billion and diluted EPS of $1.48–$1.58. Adjusted diluted EPS is projected at $1.55–$1.65, reflecting raised guidance versus prior ranges, with an expected operating margin of about 9.5% and adjusted margin of 9.9%.
How did Wolverine World Wide’s (WWW) margins trend in Q2 2026?
Q2 2026 operating margin improved to 9.3% from 8.6%, and adjusted operating margin reached 10.0%. However, gross margin slipped to 46.5% from 47.2%, which the company attributed primarily to higher U.S. tariffs, partially offset by pricing and mitigation measures.
What is the cash and debt position of Wolverine World Wide (WWW) as of July 4, 2026?
As of July 4, 2026, Wolverine World Wide held $158.5 million in cash and cash equivalents and reported $547.1 million of long-term debt plus $54.0 million under revolving credit agreements. Net debt totaled $443 million, a 22.0% reduction versus June 28, 2025.
What non-GAAP measures does Wolverine World Wide (WWW) highlight in its Q2 2026 results?
The company emphasizes adjusted operating expenses, adjusted operating margin, adjusted diluted EPS, and constant currency metrics. Adjusted operating margin reached 10.0% in Q2 2026, and adjusted diluted EPS was $0.40, with constant currency diluted EPS of $0.38.
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): August 13, 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 August 13, 2026, Wolverine World Wide, Inc. (the “Company”) issued a press release announcing its financial results for the Company’s second 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 August 13, 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: August 13, 2026 | WOLVERINE WORLD WIDE, INC. (Registrant) | ||||
| /s/ Taryn L. Miller | |||||
| Taryn L. Miller | |||||
| Chief Financial Officer | |||||
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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
SECOND QUARTER 2026 RESULTS
ROCKFORD, Mich., August 13, 2026 – Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the second quarter ended July 4, 2026.
"Our team delivered another good quarter, ahead of our expectations — led again by Merrell and Saucony — along with more progress in Sweaty Betty and Wolverine," said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide. "We're executing our strategies, elevating our brands, and driving consistent, profitable growth. Based on our strong start to the year and the progress we're seeing across the business, we're raising our outlook for 2026."
SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS
| (in millions) | July 4, 2026 | June 28, 2025 | Y/Y Change | Constant Currency Change | ||||||||||||||||
| Reported Segment Revenue Results: | ||||||||||||||||||||
| Active Group | $388.4 | $355.5 | 9.3% | 8.5% | ||||||||||||||||
| Work Group | $105.8 | $107.5 | (1.6)% | (2.1)% | ||||||||||||||||
| Other | $12.2 | $11.2 | 8.9% | 10.7% | ||||||||||||||||
| Total Revenue | $506.4 | $474.2 | 6.8% | 6.1% | ||||||||||||||||
| Supplemental Revenue Information | ||||||||||||||||||||
| Merrell | $175.5 | $157.9 | 11.1% | 10.3% | ||||||||||||||||
| Saucony | $158.6 | $144.3 | 9.9% | 9.0% | ||||||||||||||||
| Wolverine | $39.6 | $37.1 | 6.6% | 6.6% | ||||||||||||||||
| Sweaty Betty | $40.3 | $41.3 | (2.4)% | (2.7)% | ||||||||||||||||
| International | $277.2 | $250.0 | 10.9% | 9.6% | ||||||||||||||||
| Direct-to-Consumer | $111.7 | $111.6 | 0.1% | (0.1)% | ||||||||||||||||
| Reported Financial Metrics | ||||||||||||||||||||
| Gross Margin | 46.5% | 47.2% | (70) bps | |||||||||||||||||
| Operating Expenses | $188.0 | $183.3 | 2.6% | |||||||||||||||||
| Operating Margin | 9.3% | 8.6% | 70 bps | |||||||||||||||||
| Diluted Earnings Per Share | $0.37 | $0.32 | 15.6% | |||||||||||||||||
| Non-GAAP Financial Metrics | ||||||||||||||||||||
| Adjusted Operating Expenses | $184.9 | $180.6 | 2.4% | |||||||||||||||||
| Adjusted Operating Margin | 10.0% | 9.2% | 80 bps | |||||||||||||||||
| Adjusted Diluted Earnings Per Share | $0.40 | $0.35 | 14.3% | |||||||||||||||||
| Constant Currency Diluted Earnings Per Share | $0.38 | $0.35 | 8.6% | |||||||||||||||||
Gross margin was 46.5% compared to 47.2% in the prior year, primarily reflecting the impact of higher U.S. tariffs, partially offset by price increases and other tariff mitigation initiatives.
1
BALANCE SHEET (July 4, 2026 as compared to June 28, 2025)
Cash and cash equivalents were $159 million, an increase of $18 million, or 12.4%.
Inventory was $269 million, a decrease of $55 million, or 17.0%.
Net Debt was $443 million, a decrease of $125 million, or 22.0%.
FULL-YEAR 2026 OUTLOOK
The Company's outlook reflects the impact of foreign currency and excludes any benefit from potential 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 $1.980 billion to $2.000 billion, representing growth of approximately 5.6% to 6.7% compared to 2025, constant currency growth of approximately 4.9% to 5.9%, and constant currency growth of approximately 5.6% to 6.6% excluding the impact of the 53rd week in 2025. This compares to the previous outlook for revenue of approximately $1.960 billion to $1.985 billion.
•Gross margin to be approximately 46.9%, down 40 basis points compared to 2025. This compares to the previous outlook for gross margin of approximately 46.4%.
•Operating margin to be approximately 9.5%, up 150 basis points compared to 2025, and adjusted operating margin to be approximately 9.9%, up 90 basis points compared to 2025. This compares to the previous outlook for operating margin of approximately 9.2% and adjusted operating margin of approximately 9.5%.
•Effective tax rate to be approximately 18.0%, unchanged from the previous outlook.
•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. This compares to the previous outlook for diluted earnings per share in the range of $1.39 to $1.54 and adjusted diluted earnings per share in the range of $1.43 to $1.58.
•Diluted weighted average shares of approximately 82.0 million, unchanged from the previous outlook.
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, and reorganization 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 current 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 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.
2
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 plans to continue to execute its strategies 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; and effective tax rate. 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 | ||||||||||||||||||||||
| July 4, 2026 | June 28, 2025 | July 4, 2026 | June 28, 2025 | ||||||||||||||||||||
Revenue | $ | 506.4 | $ | 474.2 | $ | 964.0 | $ | 886.5 | |||||||||||||||
Cost of goods sold | 271.1 | 250.2 | 510.9 | 466.4 | |||||||||||||||||||
Gross profit | 235.3 | 224.0 | 453.1 | 420.1 | |||||||||||||||||||
Gross margin | 46.5 | % | 47.2 | % | 47.0 | % | 47.4 | % | |||||||||||||||
Selling, general and administrative expenses | 187.4 | 182.4 | 370.1 | 354.4 | |||||||||||||||||||
| Environmental and other related costs (income), net of recoveries | 0.6 | 0.9 | 1.8 | 4.0 | |||||||||||||||||||
Operating expenses | 188.0 | 183.3 | 371.9 | 358.4 | |||||||||||||||||||
Operating expenses as a % of revenue | 37.1 | % | 38.7 | % | 38.6 | % | 40.4 | % | |||||||||||||||
| Operating profit | 47.3 | 40.7 | 81.2 | 61.7 | |||||||||||||||||||
Operating margin | 9.3 | % | 8.6 | % | 8.4 | % | 7.0 | % | |||||||||||||||
Interest expense, net | 7.1 | 8.5 | 13.6 | 16.5 | |||||||||||||||||||
| Other income, net | (0.6) | (1.4) | (0.8) | (2.9) | |||||||||||||||||||
Total other expenses | 6.5 | 7.1 | 12.8 | 13.6 | |||||||||||||||||||
| Earnings before income taxes | 40.8 | 33.6 | 68.4 | 48.1 | |||||||||||||||||||
| Income tax expense | 7.9 | 4.6 | 13.1 | 5.9 | |||||||||||||||||||
Effective tax rate | 19.5 | % | 13.7 | % | 19.2 | % | 12.3 | % | |||||||||||||||
| Net earnings | 32.9 | 29.0 | 55.3 | 42.2 | |||||||||||||||||||
| Less: net earnings attributable to noncontrolling interests | 1.7 | 2.2 | 3.9 | 3.3 | |||||||||||||||||||
| Net earnings attributable to Wolverine World Wide, Inc. | $ | 31.2 | $ | 26.8 | $ | 51.4 | $ | 38.9 | |||||||||||||||
| Diluted earnings per share | $ | 0.37 | $ | 0.32 | $ | 0.61 | $ | 0.47 | |||||||||||||||
Supplemental information: | |||||||||||||||||||||||
| Net earnings used to calculate diluted earnings per share | $ | 30.4 | $ | 25.9 | $ | 50.1 | $ | 37.6 | |||||||||||||||
| Shares used to calculate diluted earnings per share | 82.0 | 81.1 | 81.9 | 80.9 | |||||||||||||||||||
5
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
| July 4, 2026 | June 28, 2025 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 158.5 | $ | 141.0 | |||||||
Accounts receivables, net | 221.1 | 255.4 | |||||||||
Inventories, net | 269.3 | 324.5 | |||||||||
Other current assets | 87.3 | 88.8 | |||||||||
Total current assets | 736.2 | 809.7 | |||||||||
Property, plant and equipment, net | 76.7 | 90.6 | |||||||||
Lease right-of-use assets | 107.0 | 106.3 | |||||||||
Goodwill and other indefinite-lived intangibles | 608.9 | 614.4 | |||||||||
Other noncurrent assets | 177.9 | 194.1 | |||||||||
Total assets | $ | 1,706.7 | $ | 1,815.1 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable and other accrued liabilities | $ | 383.7 | $ | 465.5 | |||||||
Lease liabilities | 37.5 | 36.3 | |||||||||
Current maturities of long-term debt | — | 10.0 | |||||||||
| Borrowings under revolving credit agreements | 54.0 | 135.0 | |||||||||
Total current liabilities | 475.2 | 646.8 | |||||||||
Long-term debt | 547.1 | 563.5 | |||||||||
Lease liabilities, noncurrent | 106.8 | 115.7 | |||||||||
Other noncurrent liabilities | 109.2 | 125.5 | |||||||||
Stockholders' equity | 468.4 | 363.6 | |||||||||
Total liabilities and stockholders' equity | $ | 1,706.7 | $ | 1,815.1 | |||||||
6
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
| Year-To-Date Ended | |||||||||||
| July 4, 2026 | June 28, 2025 | ||||||||||
| OPERATING ACTIVITIES | |||||||||||
| Net earnings | $ | 55.3 | $ | 42.2 | |||||||
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 10.5 | 12.5 | |||||||||
| Deferred income taxes | 0.3 | 0.2 | |||||||||
| Stock-based compensation expense | 12.4 | 12.6 | |||||||||
| Pension and SERP expense | — | (0.3) | |||||||||
| Environmental and other related costs | (4.0) | (6.8) | |||||||||
| Other | (5.0) | (5.1) | |||||||||
| Changes in operating assets and liabilities | (66.1) | (94.5) | |||||||||
| Net cash provided by (used in) operating activities | 3.4 | (39.2) | |||||||||
| INVESTING ACTIVITIES | |||||||||||
| Additions to property, plant and equipment | (4.1) | (11.0) | |||||||||
| Other | (0.5) | (0.9) | |||||||||
| Net cash used in investing activities | (4.6) | (11.9) | |||||||||
| FINANCING ACTIVITIES | |||||||||||
| Payments under revolving credit agreements | (256.0) | (171.0) | |||||||||
| Borrowings under revolving credit agreements | 235.0 | 236.0 | |||||||||
| Payments on long-term debt | — | (5.0) | |||||||||
| Cash dividends paid | (17.0) | (16.7) | |||||||||
Employee taxes paid under stock-based compensation plans | (8.5) | (8.5) | |||||||||
| Proceeds from the exercise of stock options | 0.2 | 0.5 | |||||||||
| Net cash provided by (used in) financing activities | (46.3) | 35.3 | |||||||||
| Effect of foreign exchange rate changes | (0.3) | 4.7 | |||||||||
| Decrease in cash and cash equivalents | (47.8) | (11.1) | |||||||||
| Cash and cash equivalents at beginning of the year | 206.3 | 152.1 | |||||||||
| Cash and cash equivalents at end of the quarter | $ | 158.5 | $ | 141.0 | |||||||
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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.
Q2 2026 RECONCILIATION TABLES
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED
REVENUE ON A CONSTANT CURRENCY BASIS*
(Unaudited)
(In millions)
GAAP Basis 2026-Q2 | Foreign Exchange Impact | Constant Currency Basis 2026-Q2 | GAAP Basis 2025-Q2 | Reported Change | Constant Currency Change | ||||||||||||||||||||||||||||||
| REVENUE | |||||||||||||||||||||||||||||||||||
| Active Group | $ | 388.4 | $ | (2.7) | $ | 385.7 | $ | 355.5 | 9.3 | % | 8.5 | % | |||||||||||||||||||||||
| Work Group | 105.8 | (0.6) | 105.2 | 107.5 | (1.6) | % | (2.1) | % | |||||||||||||||||||||||||||
| Other | 12.2 | 0.2 | 12.4 | 11.2 | 8.9 | % | 10.7 | % | |||||||||||||||||||||||||||
| Total | $ | 506.4 | $ | (3.1) | $ | 503.3 | $ | 474.2 | 6.8 | % | 6.1 | % | |||||||||||||||||||||||
RECONCILIATION OF REPORTED OPERATING EXPENSES
TO ADJUSTED OPERATING EXPENSES*
(Unaudited)
(In millions)
| GAAP Basis | Adjustment (1) | As Adjusted | |||||||||||||||
Operating expenses - Fiscal 2026 Q2 | $ | 188.0 | $ | (3.1) | $ | 184.9 | |||||||||||
Operating expenses - Fiscal 2025 Q2 | $ | 183.3 | $ | (2.7) | $ | 180.6 | |||||||||||
(1)Q2 2026 adjustments reflect $2.5 million of legal settlement costs and $0.6 million of environmental and other related costs net of recoveries. Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 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 Q2 | $ | 47.3 | $ | 3.1 | $ | 50.4 | |||||||||||
| Operating margin | 9.3 | % | 10.0 | % | |||||||||||||
Operating Profit - Fiscal 2025 Q2 | $ | 40.7 | $ | 2.7 | $ | 43.4 | |||||||||||
| Operating margin | 8.6 | % | 9.2 | % | |||||||||||||
(1)Q2 2026 adjustments reflect $2.5 million of legal settlement costs and $0.6 million of environmental and other related costs net of recoveries. Q2 2025 adjustments reflect $1.8 million of reorganization costs and $0.9 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 Q2 | $ | 0.37 | $ | 0.03 | $ | 0.40 | $ | (0.02) | $ | 0.38 | |||||||||||||||||||
EPS - Fiscal 2025 Q2 | $ | 0.32 | $ | 0.03 | $ | 0.35 | |||||||||||||||||||||||
(1)Q2 2026 adjustments reflect legal settlement costs and environmental and other related costs net of recoveries. Q2 2025 adjustments reflect reorganization costs and environmental and other related costs net of recoveries. | |||||||||||||||||||||||||||||
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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 | $1,980 - $2,000 | $1,980 - $2,000 | |||||||||||||||
| Gross Margin - Fiscal 2026 Full Year | 46.9 | % | 46.9 | % | |||||||||||||
| Operating Margin - Fiscal 2026 Full Year | 9.5 | % | 0.4 | % | 9.9 | % | |||||||||||
| Diluted EPS - Fiscal 2026 Full Year | $1.48 - $1.58 | $0.07 | $1.55 - $1.65 | ||||||||||||||
| Fiscal 2026 Full Year Supplemental information: | |||||||||||||||||
| Net Earnings | $125 - $133 | $6 | $131 - $139 | ||||||||||||||
| Net Earnings used to calculate diluted earnings per share | $121 - $130 | $6 | $127 - $136 | ||||||||||||||
| Shares used to calculate diluted earnings per share | 82.0 | 82.0 | |||||||||||||||
(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, and reorganization 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 current 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. A reconciliation 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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