Wolverine World Wide (NYSE: WWW) lifts 2025 earnings and projects higher 2026 margins
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Wolverine World Wide reported stronger results for the fourth quarter and full year 2025, driven by growth in its Active segment and key brands like Merrell and Saucony. Fourth quarter revenue rose to
Fourth quarter diluted earnings per share increased to
The balance sheet improved as cash rose to
Positive
- Strong earnings and margin expansion: 2025 gross margin rose 300 bps to 47.3%, operating margin increased to 8.0% from 5.6%, and diluted EPS more than doubled to $1.14, with adjusted EPS up 53.4% to $1.35.
- Healthy guidance for 2026: Revenue is projected at $1.960–$1.985 billion with further operating margin expansion to about 8.8% (9.1% adjusted), implying higher diluted and adjusted diluted EPS versus 2025.
Negative
- Pressure on 2026 gross margin: Despite overall profit improvement, the company expects 2026 gross margin of about 46.0%, a decline of 130 basis points from 2025, which could limit margin upside if costs or pricing mix worsen.
Insights
Wolverine posts margin-driven EPS growth and guides to further profit improvement in 2026.
Wolverine World Wide delivered 2025 revenue of
Earnings leveraged this margin improvement. Diluted EPS more than doubled to
Guidance for 2026 points to revenue of
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): February 26, 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 February 26, 2026, Wolverine World Wide, Inc. (the “Company”) issued a press release announcing its financial results for the Company’s fourth quarter of 2025, 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 February 26,2026. | ||||||||||
| 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: February 26, 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
investor.relations@wwwinc.com
WOLVERINE WORLDWIDE REPORTS
FOURTH QUARTER AND FULL YEAR 2025 RESULTS
ROCKFORD, Mich., February 26, 2026 – Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the fourth quarter and full year 2025 ended January 3, 2026.
"We exceeded our expectations across all key metrics in the fourth quarter, finishing a solid year for the Company. Our biggest brands are growing around the world, direct-to-consumer continues to improve, earnings per share increased meaningfully year-over-year, and I believe we're finding our footing where we've underperformed," said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide. "I'm pleased with our progress in transforming the Company and encouraged by the momentum we've carried into 2026. We're focused squarely on executing our brand-building model with pace and distinction—building awesome products, telling amazing stories, and driving the business each day."
FINANCIAL HIGHLIGHTS
Financial results for 2025, and comparable results from 2024, in each case, for our ongoing business exclude the results of the Sperry business, which was sold in January 2024. Tables have been provided in the back of this release showing the impact of these adjustments on our 2024 financial results. Additionally, fiscal 2025 was a 53-week year and fiscal 2024 was a 52-week year, which affects annual comparisons.
1
FOURTH QUARTER 2025 FINANCIAL HIGHLIGHTS
| (in millions) | January 3, 2026 | December 28, 2024 | Y/Y Change | Constant Currency Change | ||||||||||||||||
| Reported Segment Revenue Results: | ||||||||||||||||||||
| Active Group | $372.7 | $331.7 | 12.4% | 10.2% | ||||||||||||||||
| Work Group | $134.0 | $151.1 | (11.3)% | (11.7)% | ||||||||||||||||
| Other | $10.8 | $11.9 | (9.2)% | (8.4)% | ||||||||||||||||
| Total Revenue | $517.5 | $494.7 | 4.6% | 3.1% | ||||||||||||||||
| Supplemental Revenue Information | ||||||||||||||||||||
| Merrell | $173.1 | $163.4 | 5.9% | 4.6% | ||||||||||||||||
| Saucony | $125.9 | $99.6 | 26.4% | 24.2% | ||||||||||||||||
| Wolverine | $55.8 | $62.4 | (10.5)% | (10.5)% | ||||||||||||||||
| Sweaty Betty | $68.9 | $63.4 | 8.8% | 4.6% | ||||||||||||||||
| International | $277.4 | $252.7 | 9.8% | 6.8% | ||||||||||||||||
| Direct-to-Consumer | $160.7 | $151.7 | 5.9% | 3.8% | ||||||||||||||||
| Reported Financial Metrics | ||||||||||||||||||||
| Gross Margin | 47.0% | 43.6% | 340 bps | |||||||||||||||||
| Operating Expenses | $194.5 | $177.9 | 9.3% | |||||||||||||||||
| Operating Margin | 9.4% | 7.6% | 180 bps | |||||||||||||||||
| Diluted Earnings Per Share | $0.38 | $0.28 | 35.7% | |||||||||||||||||
| Non-GAAP and Ongoing Business Financial Metrics | ||||||||||||||||||||
| Adjusted Operating Expenses | $186.6 | $167.0 | 11.7% | |||||||||||||||||
| Adjusted Operating Margin | 11.0% | 9.9% | 110 bps | |||||||||||||||||
| Adjusted Diluted Earnings Per Share | $0.45 | $0.40 | 12.5% | |||||||||||||||||
| Constant Currency Diluted Earnings Per Share | $0.45 | $0.40 | 12.5% | |||||||||||||||||
Gross margin was 47.0% compared to 43.6% in the prior year. The increase was primarily due to the benefit of product cost savings, a favorable mix shift toward more full-price sales, and the positive impact from recent price increases, partially offset by higher U.S. tariffs.
2
FULL-YEAR 2025 FINANCIAL HIGHLIGHTS
| (in millions) | January 3, 2026 | December 28, 2024 | Y/Y Change | Constant Currency Change | ||||||||||||||||
| Segment Revenue Results: | ||||||||||||||||||||
| Active Group | $1,407.8 | $1,246.1 | 13.0% | 11.7% | ||||||||||||||||
| Work Group | $422.2 | $455.3 | (7.3)% | (7.1)% | ||||||||||||||||
| Other | $44.3 | $53.6 | (17.4)% | (15.3)% | ||||||||||||||||
| Total Revenue | $1,874.3 | $1,755.0 | 6.8% | 6.0% | ||||||||||||||||
| Ongoing Total Revenue | $1,874.3 | $1,750.4 | 7.1% | 6.3% | ||||||||||||||||
| Supplemental Brand Information | ||||||||||||||||||||
| Merrell | $648.9 | $598.4 | 8.4% | 7.6% | ||||||||||||||||
| Saucony | $533.1 | $406.5 | 31.1% | 30.1% | ||||||||||||||||
| Wolverine | $175.7 | $193.1 | (9.0)% | (9.0)% | ||||||||||||||||
| Sweaty Betty | $192.8 | $198.9 | (3.1)% | (6.1)% | ||||||||||||||||
| International - Reported | $978.1 | $861.6 | 13.5% | 11.9% | ||||||||||||||||
| International - Ongoing | $978.1 | $861.0 | 13.6% | 12.0% | ||||||||||||||||
| Direct-to-Consumer - Reported | $475.5 | $483.9 | (1.7)% | (3.1)% | ||||||||||||||||
| Direct-to-Consumer - Ongoing | $475.5 | $480.8 | (1.1)% | (2.5)% | ||||||||||||||||
| Reported: | ||||||||||||||||||||
| Gross Margin | 47.3% | 44.3% | 300 bps | |||||||||||||||||
| Operating Expenses | $736.5 | $680.5 | 8.2% | |||||||||||||||||
| Operating Margin | 8.0% | 5.6% | 240 bps | |||||||||||||||||
| Diluted Earnings Per Share | $1.14 | $0.55 | 107.3% | |||||||||||||||||
| Non-GAAP: | ||||||||||||||||||||
| Adjusted Gross Margin | 47.3% | 44.4% | 290 bps | |||||||||||||||||
| Adjusted Operating Expenses | $717.6 | $650.5 | 10.3% | |||||||||||||||||
| Adjusted Operating Margin | 9.0% | 7.3% | 170 bps | |||||||||||||||||
| Adjusted Diluted Earnings Per Share | $1.35 | $0.88 | 53.4% | |||||||||||||||||
| Constant Currency Earnings Per Share | $1.34 | $0.88 | 52.3% | |||||||||||||||||
Gross margin was 47.3% compared to 44.3% in the prior year. The increase was primarily due to the benefit of product cost savings, a favorable mix shift toward more full-price sales, and the positive impact from recent price increases, partially offset by higher U.S. tariffs.
BALANCE SHEET (January 3, 2026 as compared to December 28, 2024)
Cash and cash equivalents were $206 million, an increase of $54 million, or 35.6%.
Inventory was $274 million, an increase of $26 million, or 10.7%.
Net Debt was $415 million, a decrease of $81 million, or 16.2%.
CAPITAL ALLOCATION
During the fourth quarter, the Company repurchased approximately 0.9 million shares of its common stock for a total of approximately $15 million at a weighted average price paid per share of $16.13. As of January 3, 2026, the Company had approximately $135 million remaining under its stock repurchase authorization.
3
FULL-YEAR 2026 OUTLOOK
The Company's outlook reflects the impact of foreign currency. 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 expects:
•Revenue to be approximately $1.960 billion to $1.985 billion, representing growth of approximately 4.6% to 5.9% compared to 2025, constant currency growth of approximately 3.8% to 5.1%, and constant currency growth of approximately 4.5% to 5.8% excluding the impact of the 53rd week in 2025.
•Gross margin to be approximately 46.0%, down 130 basis points compared to 2025 gross margin.
•Operating margin to be approximately 8.8%, up 80 basis points compared to 2025 operating margin, and adjusted operating margin to be approximately 9.1%, up 10 basis points compared to 2025 adjusted operating margin.
•The effective tax rate to be approximately 18.0%.
•Diluted earnings per share in the range of $1.31 to $1.46 and adjusted diluted earnings per share in the range of $1.35 to $1.50.
•Diluted weighted average shares of approximately 81.5 million.
NON-GAAP FINANCIAL MEASURES
Measures referred to in this release as “adjusted” financial results and the financial results of the "ongoing business" are non-GAAP measures. Adjusted financial results exclude environmental and other related costs net of recoveries, non-cash impairment of long-lived assets, reorganization costs, pension settlement and curtailment gains and losses, financing transaction costs, gain on sale of business, trademarks and long-lived assets, other costs not related to the Company's ongoing business, and costs associated with divestitures. The financial results of the ongoing business exclude financial results from the Sperry business. 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.
4
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 under the “Investor Relations” tab at www.wolverineworldwide.com. A replay of the conference call will be available on the Company’s website for a period of approximately 30 days.
ABOUT WOLVERINE WORLDWIDE
Founded in 1883, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading designers, marketers, and licensors of branded casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform footwear. The Company's portfolio includes Merrell®, Saucony®, Sweaty Betty®, Hush Puppies®, Wolverine®, Chaco®, Bates®, HYTEST®, and Stride Rite®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 140 years, the Company's products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. Wolverine Worldwide is a Great Place to Work® Certified™ company. For additional information, please visit our website, www.wolverineworldwide.com.
5
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including statements regarding the Company’s expectations regarding the momentum in its largest brands and future sustained improvement; 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, 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.
# # #
6
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except earnings per share)
| Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||||
| January 3, 2026 | December 28, 2024 | January 3, 2026 | December 28, 2024 | ||||||||||||||||||||
Revenue | $ | 517.5 | $ | 494.7 | $ | 1,874.3 | $ | 1,755.0 | |||||||||||||||
Cost of goods sold | 274.1 | 279.0 | 987.6 | 977.0 | |||||||||||||||||||
Gross profit | 243.4 | 215.7 | 886.7 | 778.0 | |||||||||||||||||||
Gross margin | 47.0 | % | 43.6 | % | 47.3 | % | 44.3 | % | |||||||||||||||
Selling, general and administrative expenses | 192.4 | 175.4 | 729.9 | 690.0 | |||||||||||||||||||
| Gain on sale of business, trademarks and long-lived assets | — | — | — | (8.5) | |||||||||||||||||||
| Impairment of long-lived assets | — | — | — | 9.3 | |||||||||||||||||||
| Environmental and other related costs (income), net of recoveries | 2.1 | 2.5 | 6.6 | (10.3) | |||||||||||||||||||
Operating expenses | 194.5 | 177.9 | 736.5 | 680.5 | |||||||||||||||||||
Operating expenses as a % of revenue | 37.6 | % | 36.0 | % | 39.3 | % | 38.8 | % | |||||||||||||||
| Operating profit | 48.9 | 37.8 | 150.2 | 97.5 | |||||||||||||||||||
Operating margin | 9.4 | % | 7.6 | % | 8.0 | % | 5.6 | % | |||||||||||||||
Interest expense, net | 8.2 | 9.2 | 32.8 | 42.7 | |||||||||||||||||||
| Other expense (income), net | 0.4 | 2.1 | (4.1) | (3.3) | |||||||||||||||||||
Total other expenses | 8.6 | 11.3 | 28.7 | 39.4 | |||||||||||||||||||
| Earnings before income taxes | 40.3 | 26.5 | 121.5 | 58.1 | |||||||||||||||||||
| Income tax expense | 7.8 | 2.7 | 20.5 | 9.3 | |||||||||||||||||||
Effective tax rate | 19.5 | % | 10.0 | % | 16.9 | % | 15.9 | % | |||||||||||||||
| Net earnings | 32.5 | 23.8 | 101.0 | 48.8 | |||||||||||||||||||
| Less: net earnings attributable to noncontrolling interests | 0.7 | 0.7 | 5.2 | 3.6 | |||||||||||||||||||
| Net earnings attributable to Wolverine World Wide, Inc. | $ | 31.8 | $ | 23.1 | $ | 95.8 | $ | 45.2 | |||||||||||||||
| Diluted earnings per share | $ | 0.38 | $ | 0.28 | $ | 1.14 | $ | 0.55 | |||||||||||||||
Supplemental information: | |||||||||||||||||||||||
| Net earnings used to calculate diluted earnings per share | $ | 30.9 | $ | 22.3 | $ | 93.1 | $ | 43.6 | |||||||||||||||
| Shares used to calculate diluted earnings per share | 81.9 | 80.5 | 81.7 | 80.0 | |||||||||||||||||||
7
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
| January 3, 2026 | December 28, 2024 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 206.3 | $ | 152.1 | |||||||
Accounts receivables, net | 162.1 | 209.4 | |||||||||
Inventories, net | 274.2 | 247.8 | |||||||||
Other current assets | 86.8 | 86.4 | |||||||||
Total current assets | 729.4 | 695.7 | |||||||||
Property, plant and equipment, net | 80.6 | 89.7 | |||||||||
Lease right-of-use assets | 99.9 | 102.1 | |||||||||
Goodwill and other indefinite-lived intangibles | 611.5 | 597.6 | |||||||||
Other noncurrent assets | 187.9 | 189.3 | |||||||||
Total assets | $ | 1,709.3 | $ | 1,674.4 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable and other accrued liabilities | $ | 411.1 | $ | 419.4 | |||||||
Lease liabilities | 35.0 | 33.7 | |||||||||
Current maturities of long-term debt | — | 10.0 | |||||||||
| Borrowings under revolving credit agreements | 75.0 | 70.0 | |||||||||
Total current liabilities | 521.1 | 533.1 | |||||||||
Long-term debt | 546.7 | 568.0 | |||||||||
Lease liabilities, noncurrent | 105.3 | 116.0 | |||||||||
Other noncurrent liabilities | 113.1 | 135.2 | |||||||||
Stockholders' equity | 423.1 | 322.1 | |||||||||
Total liabilities and stockholders' equity | $ | 1,709.3 | $ | 1,674.4 | |||||||
8
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
| Fiscal Year Ended | |||||||||||
| January 3, 2026 | December 28, 2024 | ||||||||||
| OPERATING ACTIVITIES | |||||||||||
| Net earnings | $ | 101.0 | $ | 48.8 | |||||||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 25.9 | 26.2 | |||||||||
| Deferred income taxes | 8.0 | 20.6 | |||||||||
| Stock-based compensation expense | 24.4 | 19.1 | |||||||||
| Pension and SERP expense | (1.0) | 0.2 | |||||||||
| Impairment of long-lived assets | — | 9.3 | |||||||||
| Environmental and other related costs | (14.5) | (13.3) | |||||||||
| Gain on sale of business, trademarks and long-lived assets | — | (8.5) | |||||||||
| Other | (12.6) | (8.4) | |||||||||
| Changes in operating assets and liabilities | 8.8 | 86.1 | |||||||||
| Net cash provided by operating activities | 140.0 | 180.1 | |||||||||
| INVESTING ACTIVITIES | |||||||||||
| Additions to property, plant and equipment | (14.5) | (20.2) | |||||||||
| Proceeds from sale of business, trademarks and long-lived assets, net of cash disposed of | — | 102.4 | |||||||||
| Proceeds from company-owned insurance policy liquidations | 2.2 | 7.9 | |||||||||
| Other | (1.6) | (3.3) | |||||||||
| Net cash provided by (used in) investing activities | (13.9) | 86.8 | |||||||||
| FINANCING ACTIVITIES | |||||||||||
| Payments under revolving credit agreements | (486.0) | (619.0) | |||||||||
| Borrowings under revolving credit agreements | 491.0 | 384.0 | |||||||||
| Proceeds from company-owned insurance policies | — | 7.0 | |||||||||
| Payments on long-term debt | (32.5) | (39.2) | |||||||||
| Payments of debt issuance costs | (3.9) | — | |||||||||
| Cash dividends paid | (33.3) | (32.5) | |||||||||
| Purchase of common stock for treasury | (14.5) | — | |||||||||
Employee taxes paid under stock-based compensation plans | (10.7) | (2.6) | |||||||||
| Proceeds from the exercise of stock options | 12.2 | 3.1 | |||||||||
| Net cash used in financing activities | (77.7) | (299.2) | |||||||||
| Effect of foreign exchange rate changes | 5.8 | (0.2) | |||||||||
| Increase (decrease) in cash and cash equivalents | 54.2 | (32.5) | |||||||||
| Cash and cash equivalents at beginning of the year | 152.1 | 184.6 | |||||||||
| Cash and cash equivalents at end of the year | $ | 206.3 | $ | 152.1 | |||||||
9
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.
Q4 2025 RECONCILIATION TABLES
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED
REVENUE ON A CONSTANT CURRENCY BASIS*
(Unaudited)
(In millions)
GAAP Basis 2025-Q4 | Foreign Exchange Impact | Constant Currency Basis 2025-Q4 | GAAP Basis 2024-Q4 | Reported Change | Constant Currency Change | ||||||||||||||||||||||||||||||
| REVENUE | |||||||||||||||||||||||||||||||||||
| Active Group | $ | 372.7 | $ | (7.1) | $ | 365.6 | $ | 331.7 | 12.4 | % | 10.2 | % | |||||||||||||||||||||||
| Work Group | 134.0 | (0.6) | 133.4 | 151.1 | (11.3) | % | (11.7) | % | |||||||||||||||||||||||||||
| Other | 10.8 | 0.1 | 10.9 | 11.9 | (9.2) | % | (8.4) | % | |||||||||||||||||||||||||||
| Total | $ | 517.5 | $ | (7.6) | $ | 509.9 | $ | 494.7 | 4.6 | % | 3.1 | % | |||||||||||||||||||||||
RECONCILIATION OF REPORTED OPERATING EXPENSES
TO ADJUSTED OPERATING EXPENSES*
(Unaudited)
(In millions)
| GAAP Basis | Adjustment (1) | As Adjusted | |||||||||||||||
Operating expenses - Fiscal 2025 Q4 | $ | 194.5 | $ | (7.9) | $ | 186.6 | |||||||||||
Operating expenses - Fiscal 2024 Q4 | $ | 177.9 | $ | (10.9) | $ | 167.0 | |||||||||||
(1)Q4 2025 adjustments reflect $5.8 million of reorganization costs and $2.1 million of environmental and other related costs net of recoveries. Q4 2024 adjustments reflect $8.4 million of reorganization costs and $2.5 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 2025 Q4 | $ | 48.9 | $ | 7.9 | $ | 56.8 | |||||||||||
| Operating margin | 9.4 | % | 11.0 | % | |||||||||||||
Operating Profit - Fiscal 2024 Q4 | $ | 37.8 | $ | 10.9 | $ | 48.7 | |||||||||||
| Operating margin | 7.6 | % | 9.9 | % | |||||||||||||
(1)Q4 2025 adjustments reflect $5.8 million of reorganization costs and $2.1 million of environmental and other related costs net of recoveries. Q4 2024 adjustments reflect $8.4 million of reorganization costs and $2.5 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 2025 Q4 | $ | 0.38 | $ | 0.07 | $ | 0.45 | $ | — | $ | 0.45 | |||||||||||||||||||
EPS - Fiscal 2024 Q4 | $ | 0.28 | $ | 0.12 | $ | 0.40 | |||||||||||||||||||||||
(1)Q4 2025 adjustments reflect reorganization costs and environmental and other related costs net of recoveries, partially offset by pension gain. Q4 2024 adjustments reflect reorganization costs, environmental and other related costs net of recoveries, and pension settlement costs. | |||||||||||||||||||||||||||||
11
2025 FULL-YEAR RECONCILIATION TABLES
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED
REVENUE ON A CONSTANT CURRENCY BASIS*
(Unaudited)
(In millions)
| GAAP Basis 2025 | Foreign Exchange Impact | Constant Currency Basis 2025 | GAAP Basis 2024 | Reported Change | Constant Currency Change | ||||||||||||||||||||||||||||||
| REVENUE | |||||||||||||||||||||||||||||||||||
| Active Group | $ | 1,407.8 | (15.7) | $ | 1,392.1 | $ | 1,246.1 | 13.0 | % | 11.7 | % | ||||||||||||||||||||||||
| Work Group | 422.2 | 0.6 | 422.8 | 455.3 | (7.3) | % | (7.1) | % | |||||||||||||||||||||||||||
| Other | 44.3 | 1.1 | 45.4 | 53.6 | (17.4) | % | (15.3) | % | |||||||||||||||||||||||||||
| Total | $ | 1,874.3 | $ | (14.0) | $ | 1,860.3 | $ | 1,755.0 | 6.8 | % | 6.0 | % | |||||||||||||||||||||||
RECONCILIATION OF REPORTED REVENUE
TO ADJUSTED REVENUE*
(Unaudited)
(In millions)
| GAAP Basis | Divestitures (1) | As Adjusted | |||||||||||||||
Revenue - Fiscal 2025 | $ | 1,874.3 | $ | — | $ | 1,874.3 | |||||||||||
Revenue - Fiscal 2024 | $ | 1,755.0 | $ | 4.6 | $ | 1,750.4 | |||||||||||
(1)2024 adjustments reflect the Sperry business results included in the consolidated condensed statement of operations. | |||||||||||||||||
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RECONCILIATION OF REPORTED GROSS MARGIN
TO ADJUSTED GROSS MARGIN*
(Unaudited)
(In millions)
| GAAP Basis | Divestitures (1) | As Adjusted | |||||||||||||||
| Gross Profit - Fiscal 2025 | $ | 886.7 | $ | — | $ | 886.7 | |||||||||||
| Gross margin | 47.3 | % | 47.3 | % | |||||||||||||
| Gross Profit - Fiscal 2024 | $ | 778.0 | $ | (0.1) | $ | 777.9 | |||||||||||
| Gross margin | 44.3 | % | 44.4 | % | |||||||||||||
(1)2024 adjustments reflect the Sperry business results included in the consolidated condensed statement of operations. | |||||||||||||||||
RECONCILIATION OF REPORTED OPERATING EXPENSES
TO ADJUSTED OPERATING EXPENSES*
(Unaudited)
(In millions)
| GAAP Basis | Adjustment (1) | Divestitures (2) | As Adjusted | ||||||||||||||||||||
| Operating expenses - Fiscal 2025 | $ | 736.5 | $ | (18.9) | $ | — | $ | 717.6 | |||||||||||||||
| Operating expenses - Fiscal 2024 | $ | 680.5 | $ | (19.1) | $ | (10.9) | $ | 650.5 | |||||||||||||||
(1)2025 adjustments reflect $11.5 million of reorganization costs, $6.6 million of environmental and other related costs net of recoveries and $0.8 million of other costs not related to the Company's ongoing business. 2024 adjustments reflect $28.6 million of reorganization costs and $9.3 million for non-cash impairments of long-lived assets, partially offset by an $8.5 million gain on the sale of businesses, trademarks and long-lived assets and $10.3 million of environmental and other related costs net of recoveries. | |||||||||||||||||||||||
(2)2024 adjustments reflect the Sperry business and Wolverine Leathers results included in the consolidated condensed statement of operations. | |||||||||||||||||||||||
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RECONCILIATION OF REPORTED OPERATING MARGIN
TO ADJUSTED OPERATING MARGIN*
(Unaudited)
(In millions)
| GAAP Basis | Adjustments (1) | Divestitures (2) | As Adjusted | ||||||||||||||||||||
| Operating Profit - Fiscal 2025 | $ | 150.2 | $ | 18.9 | $ | — | $ | 169.1 | |||||||||||||||
| Operating margin | 8.0 | % | 9.0 | % | |||||||||||||||||||
| Operating Profit - Fiscal 2024 | $ | 97.5 | $ | 19.1 | $ | 10.8 | $ | 127.4 | |||||||||||||||
| Operating margin | 5.6 | % | 7.3 | % | |||||||||||||||||||
(1)2025 adjustments reflect $11.5 million of reorganization costs, $6.6 million of environmental and other related costs net of recoveries and $0.8 million of other costs not related to the Company's ongoing business. 2024 adjustments reflect $28.6 million of reorganization costs and $9.3 million for non-cash impairments of long-lived assets, partially offset by an $8.5 million gain on the sale of businesses, trademarks and long-lived assets and $10.3 million of environmental and other related costs net of recoveries. | |||||||||||||||||||||||
(2)2024 adjustments reflect the Sperry business results included in the consolidated condensed statement of operations. | |||||||||||||||||||||||
RECONCILIATION OF REPORTED DILUTED EPS TO ADJUSTED
DILUTED EPS ON A CONSTANT CURRENCY BASIS*
(Unaudited)
| GAAP Basis | Adjustments (1) | Divestitures (2) | As Adjusted | Foreign Exchange Impact | As Adjusted EPS On a Constant Currency Basis | ||||||||||||||||||||||||||||||
| EPS - Fiscal 2025 | $ | 1.14 | $ | 0.21 | $ | — | $ | 1.35 | $ | (0.01) | $ | 1.34 | |||||||||||||||||||||||
| EPS - Fiscal 2024 | $ | 0.55 | $ | 0.21 | $ | 0.12 | $ | 0.88 | |||||||||||||||||||||||||||
(1)2025 adjustments reflect reorganization costs, environmental and other related costs net of recoveries, other costs not related to the Company's ongoing business, and financing transaction costs, partially offset by pension gain. 2024 adjustments reflect reorganization costs, non-cash impairments of long-lived assets, and pension settlement costs, partially offset by gain on the sale of businesses, trademarks and long-lived assets and environmental and other related costs net of recoveries. | |||||||||||||||||||||||||||||||||||
(2)2024 adjustments reflect the Sperry business results included in the consolidated condensed statement of operations. | |||||||||||||||||||||||||||||||||||
14
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 | $1,960 - $1,985 | $1,960 - $1,985 | |||||||||||||||
| Gross Margin - Fiscal 2026 Full Year | 46.0 | % | 46.0 | % | |||||||||||||
| Operating Margin - Fiscal 2026 Full Year | 8.8 | % | 0.3 | % | 9.1 | % | |||||||||||
| Diluted EPS - Fiscal 2026 Full Year | $1.31 - $1.46 | $0.04 | $1.35 - $1.50 | ||||||||||||||
| Fiscal 2026 Full Year Supplemental information: | |||||||||||||||||
| Net Earnings | $110 - $122 | $4 | $114 - $126 | ||||||||||||||
| Net Earnings used to calculate diluted earnings per share | $107 - $119 | $3 | $110 - $122 | ||||||||||||||
| Shares used to calculate diluted earnings per share | 81.5 | 81.5 | |||||||||||||||
(1)2026 adjustments reflect 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 environmental and other related costs net of recoveries, non-cash impairment of long-lived assets, reorganization costs, pension settlement and curtailment gains and losses, financing transaction costs, gain on sale of business, trademarks and long-lived assets, other costs not related to the Company's ongoing business, and costs associated with divestitures were excluded. The financial results of the ongoing business for 2024 exclude financial results from the Sperry business. 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 ongoing operating business results and to better identify trends in the Company's ongoing 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.
15
FAQ
How did Wolverine World Wide (WWW) perform financially in full year 2025?
Wolverine World Wide delivered stronger 2025 results, with revenue of $1.874 billion, up 6.8% year over year. Gross margin improved to 47.3% and operating margin rose to 8.0%. Diluted earnings per share more than doubled to $1.14, while adjusted diluted EPS reached $1.35.
What were Wolverine World Wide’s key fourth quarter 2025 results?
In the fourth quarter of 2025, Wolverine generated revenue of $517.5 million, a 4.6% increase versus the prior year. Gross margin expanded to 47.0%, and diluted EPS rose to $0.38 from $0.28. Adjusted diluted EPS improved to $0.45, reflecting better profitability.
Which Wolverine World Wide brands drove growth in 2025?
Growth was led by the Active Group, including brands like Saucony and Merrell. Saucony revenue climbed to $533.1 million, up 31.1%, while Merrell reached $648.9 million, up 8.4%. These increases supported overall revenue growth and contributed to higher margins for the company.
How did Wolverine World Wide’s balance sheet change in 2025?
By January 3, 2026, Wolverine’s cash and cash equivalents increased to $206 million, up $54 million. Inventory rose to $274 million, while net debt declined to $415 million, a reduction of $81 million. These shifts reflect improved liquidity and lower leverage compared with the prior year.
What is Wolverine World Wide’s earnings outlook for fiscal 2026?
For 2026, Wolverine expects diluted EPS between $1.31 and $1.46 and adjusted diluted EPS between $1.35 and $1.50. The company guides revenue to $1.960–$1.985 billion, with operating margin near 8.8% and adjusted operating margin around 9.1%.
Did Wolverine World Wide repurchase stock in the fourth quarter of 2025?
Yes. During the fourth quarter, Wolverine repurchased approximately 0.9 million shares of its common stock for about $15 million at a weighted average price of $16.13 per share. As of January 3, 2026, roughly $135 million remained available under its stock repurchase authorization.
How is Wolverine World Wide using non-GAAP financial measures?
Wolverine presents non-GAAP metrics such as adjusted operating margin, adjusted EPS, and ongoing business results. These exclude items like environmental costs, reorganization charges, and divested businesses to highlight core performance. The company provides reconciliations to comparable GAAP figures in its financial tables.
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Wolverine World