ROCKFORD, Mich., May 14, 2026 – Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the first quarter ended April 4, 2026.
"The team delivered a solid start to 2026, with first quarter revenue, gross margin, and earnings per share all exceeding our expectations," said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide. "I believe we're better brand builders today — led by Merrell and Saucony — with encouraging progress now evident across our broader portfolio. We're executing our strategies with pace, navigating a dynamic operating environment by leaning into what we do best — building awesome products, telling amazing stories, and driving the business forward each day."
FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS
(in millions)
April 4, 2026
March 29, 2025
Y/Y Change
Constant Currency Change
Reported Segment Revenue Results:
Active Group
$371.6
$326.7
13.7%
9.3%
Work Group
$75.7
$74.8
1.2%
0.1%
Other
$10.3
$10.8
(4.6)%
(4.6)%
Total Revenue
$457.6
$412.3
11.0%
7.3%
Supplemental Revenue Information
Merrell
$169.7
$150.6
12.7%
8.7%
Saucony
$155.9
$129.8
20.1%
15.2%
Wolverine
$36.4
$37.4
(2.5)%
(2.5)%
Sweaty Betty
$38.6
$38.0
1.5%
(4.4)%
International
$249.6
$207.8
20.1%
12.8%
Direct-to-Consumer
$99.3
$96.4
3.0%
(0.2)%
Reported Financial Metrics
Gross Margin
47.6%
47.6%
0 bps
Operating Expenses
$183.9
$175.1
5.0%
Operating Margin
7.4%
5.1%
230 bps
Diluted Earnings Per Share
$0.24
$0.15
60.0%
Non-GAAP and Ongoing Business Financial Metrics
Adjusted Operating Expenses
$182.7
$170.2
7.3%
Adjusted Operating Margin
7.7%
6.3%
140 bps
Adjusted Diluted Earnings Per Share
$0.25
$0.19
31.6%
Constant Currency Diluted Earnings Per Share
$0.22
$0.19
15.8%
Gross margin was 47.6% compared to 47.6% in the prior year. Results reflect a favorable mix shift toward more full-price sales and the positive impact from recent price increases, offset by higher U.S. tariffs.
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BALANCE SHEET (April 4, 2026 as compared to March 29, 2025)
Cash and cash equivalents were $120 million, an increase of $13 million, or 12.3%.
Inventory was $280 million, an increase of $1 million, or 0.4%.
Net Debt was $519 million, a decrease of $85 million, or 14.1%.
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 currently expects:
•Revenue to be approximately $1.960 billion to $1.985 billion. This range is unchanged from the previous outlook and represents 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 46.4%, down 90 basis points compared to 2025. This compares to the previous gross margin outlook of approximately 46.0%.
•Operating margin to be approximately 9.2%, up 120 basis points compared to 2025, and adjusted operating margin to be approximately 9.5%, up 50 basis points compared to 2025. This compares to the previous operating margin outlook of approximately 8.8% and adjusted operating margin of approximately 9.1%.
•The effective tax rate to be approximately 18.0%, unchanged from the previous outlook.
•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. This compares to the previous outlook for 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 82.0 million. This compares to the previous outlook for 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, reorganization costs, and other costs not related to the Company's ongoing 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.
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 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.
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.
# # #
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WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except earnings per share)
Quarter Ended
April 4, 2026
March 29, 2025
Revenue
$
457.6
$
412.3
Cost of goods sold
239.8
216.2
Gross profit
217.8
196.1
Gross margin
47.6
%
47.6
%
Selling, general and administrative expenses
182.7
172.0
Environmental and other related costs (income), net of recoveries
1.2
3.1
Operating expenses
183.9
175.1
Operating expenses as a % of revenue
40.2
%
42.5
%
Operating profit
33.9
21.0
Operating margin
7.4
%
5.1
%
Interest expense, net
6.5
8.0
Other income, net
(0.2)
(1.5)
Total other expenses
6.3
6.5
Earnings before income taxes
27.6
14.5
Income tax expense
5.2
1.3
Effective tax rate
18.8
%
8.9
%
Net earnings
22.4
13.2
Less: net earnings attributable to noncontrolling interests
2.2
1.1
Net earnings attributable to Wolverine World Wide, Inc.
$
20.2
$
12.1
Diluted earnings per share
$
0.24
$
0.15
Supplemental information:
Net earnings used to calculate diluted earnings per share
$
19.8
$
11.8
Shares used to calculate diluted earnings per share
81.7
80.8
5
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(In millions)
April 4, 2026
March 29, 2025
ASSETS
Cash and cash equivalents
$
119.6
$
106.5
Accounts receivables, net
185.5
239.2
Inventories, net
280.3
279.2
Other current assets
86.7
76.0
Total current assets
672.1
700.9
Property, plant and equipment, net
77.8
94.6
Lease right-of-use assets
104.5
102.2
Goodwill and other indefinite-lived intangibles
607.7
602.9
Other noncurrent assets
177.9
190.5
Total assets
$
1,640.0
$
1,691.1
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and other accrued liabilities
$
311.4
$
372.0
Lease liabilities
34.9
34.1
Current maturities of long-term debt
—
10.0
Borrowings under revolving credit agreements
92.0
135.0
Total current liabilities
438.3
551.1
Long-term debt
546.9
565.8
Lease liabilities, noncurrent
111.3
115.2
Other noncurrent liabilities
110.5
131.6
Stockholders' equity
433.0
327.4
Total liabilities and stockholders' equity
$
1,640.0
$
1,691.1
6
WOLVERINE WORLD WIDE, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
Quarter Ended
April 4, 2026
March 29, 2025
OPERATING ACTIVITIES
Net earnings
$
22.4
$
13.2
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization
5.2
6.1
Deferred income taxes
0.2
0.2
Stock-based compensation expense
5.8
5.7
Pension and SERP expense
—
(0.2)
Environmental and other related costs
(1.9)
(4.5)
Other
0.3
(2.1)
Changes in operating assets and liabilities
(115.2)
(102.2)
Net cash used in operating activities
(83.2)
(83.8)
INVESTING ACTIVITIES
Additions to property, plant and equipment
(1.7)
(7.6)
Other
(0.2)
(0.3)
Net cash used in investing activities
(1.9)
(7.9)
FINANCING ACTIVITIES
Payments under revolving credit agreements
(138.0)
(83.0)
Borrowings under revolving credit agreements
155.0
148.0
Payments on long-term debt
—
(2.5)
Cash dividends paid
(8.7)
(8.5)
Employee taxes paid under stock-based compensation plans
(8.1)
(7.7)
Proceeds from the exercise of stock options
0.2
0.3
Net cash provided by financing activities
0.4
46.6
Effect of foreign exchange rate changes
(2.0)
(0.5)
Decrease in cash and cash equivalents
(86.7)
(45.6)
Cash and cash equivalents at beginning of the year
206.3
152.1
Cash and cash equivalents at end of the quarter
$
119.6
$
106.5
7
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.
Q1 2026 RECONCILIATION TABLES
RECONCILIATION OF REPORTED REVENUE TO ADJUSTED
REVENUE ON A CONSTANT CURRENCY BASIS*
(Unaudited)
(In millions)
GAAP Basis 2026-Q1
Foreign Exchange Impact
Constant Currency Basis 2026-Q1
GAAP Basis 2025-Q1
Reported Change
Constant Currency Change
REVENUE
Active Group
$
371.6
$
(14.6)
$
357.0
$
326.7
13.7
%
9.3
%
Work Group
75.7
(0.8)
74.9
74.8
1.2
%
0.1
%
Other
10.3
—
10.3
10.8
(4.6)
%
(4.6)
%
Total
$
457.6
$
(15.4)
$
442.2
$
412.3
11.0
%
7.3
%
RECONCILIATION OF REPORTED OPERATING EXPENSES
TO ADJUSTED OPERATING EXPENSES*
(Unaudited)
(In millions)
GAAP Basis
Adjustment (1)
As Adjusted
Operating expenses - Fiscal 2026 Q1
$
183.9
$
(1.2)
$
182.7
Operating expenses - Fiscal 2025 Q1
$
175.1
$
(4.9)
$
170.2
(1)Q1 2026 adjustments reflect $1.2 million of environmental and other related costs net of recoveries. Q1 2025 adjustments reflect $1.0 million of reorganization costs, $0.8 million of other costs not related to the Company's ongoing business, and $3.1 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 Q1
$
33.9
$
1.2
$
35.1
Operating margin
7.4
%
7.7
%
Operating Profit - Fiscal 2025 Q1
$
21.0
$
4.9
$
25.9
Operating margin
5.1
%
6.3
%
(1)Q1 2026 adjustments reflect $1.2 million of environmental and other related costs net of recoveries. Q1 2025 adjustments reflect $1.0 million of reorganization costs, $0.8 million of other costs not related to the Company's ongoing business, and $3.1 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 Q1
$
0.24
$
0.01
$
0.25
$
(0.03)
$
0.22
EPS - Fiscal 2025 Q1
$
0.15
$
0.04
$
0.19
(1)Q1 2026 adjustments reflect environmental and other related costs net of recoveries. Q1 2025 adjustments reflect reorganization costs, other costs not related to the Company's ongoing business, 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
$1,960 - $1,985
$1,960 - $1,985
Gross Margin - Fiscal 2026 Full Year
46.4
%
46.4
%
Operating Margin - Fiscal 2026 Full Year
9.2
%
0.3
%
9.5
%
Diluted EPS - Fiscal 2026 Full Year
$1.39 - $1.54
$0.04
$1.43 - $1.58
Fiscal 2026 Full Year Supplemental information:
Net Earnings
$116 - $128
$4
$120 - $132
Net Earnings used to calculate diluted earnings per share
$114 - $126
$3
$117 - $129
Shares used to calculate diluted earnings per share
82.0
82.0
(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, reorganization costs, and other costs not related to the Company's ongoing business 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 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.
