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Investor Contact:
Erinn Murphy, Crocs, Inc.
(303) 848-7005
emurphy@crocs.com
PR Contact:Melissa Layton, Crocs, Inc.
(303) 848-7885
mlayton@crocs.com

Crocs, Inc. Reports Solid Second Quarter 2025 Results Led By Both Brands
___________________________________________________________________________

BROOMFIELD, COLORADO — August 7, 2025 — Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for all, today announced its second quarter 2025 financial results.

“We reported a solid second quarter with both our Crocs and HEYDUDE brands contributing to our performance, while delivering the highest ever gross profit quarter in company history. Our strong cash flow generation enabled us to return shareholder value through $133 million in share repurchases, and $105 million in debt paydown,” said Andrew Rees, Chief Executive Officer.

Mr. Rees continued, “While we are pleased by this performance, the current operating environment is uncertain and challenging to predict. Against this, we have chosen to focus on managing expenses including the $50 million in cost savings we have already implemented, reducing our inventory receipts, and pulling back on promotional activity to protect brand health in the marketplace. Although these actions will impact the topline of our business in the short term, they will position our business to win, drive margin dollars, and support continued cash flow generation longer term.”

Amounts referred to as “Adjusted” or “Non-GAAP” are Non-GAAP measures and include adjustments that are described under the heading “Reconciliation of GAAP Measures to Non-GAAP Measures.” A reconciliation of these amounts to their GAAP counterparts is contained in the schedules below.

Second Quarter 2025 Operating Results (Compared to the Same Period Last Year)

•Consolidated revenues were $1,149 million, an increase of 3.4%, or 2.7% on a constant currency basis. Direct-to-consumer (“DTC”) revenues grew 4.0%, or 3.4% on a constant currency basis. Wholesale revenues increased 2.8%, or 2.0% on a constant currency basis.
•Gross margin, on a reported and adjusted basis, grew 30 basis points to 61.7% compared to 61.4%.
•Selling, general, and administrative expenses (“SG&A”) of $1,136 million increased 219.0% from $356 million, and represented 98.9% of revenues compared to 32.0%. The increase in SG&A is largely driven by noncash impairment charges related to the indefinite-lived HEYDUDE trademark and HEYDUDE Brand reporting unit goodwill of $430 million and $307 million, respectively, during the three months ended June 30, 2025. Adjusted SG&A of $399 million increased 12.1% from $356 million and represented 34.7% of revenues compared to 32.0%.
•Loss from operations of $428 million decreased 231.2% from income from operations of $326 million, resulting in operating margin loss of 37.2% compared to 29.3%. The loss from operations is driven by asset impairments, as described above. Adjusted income from operations of $309 million decreased 5.0% from $326 million, resulting in adjusted operating margin of 26.9% compared to 29.3%.
•Diluted loss per share of $8.82 decreased 334.0% from diluted earnings per share of $3.77. The loss per share is driven by asset impairments, as described above. Adjusted diluted earnings per share of $4.23 increased 5.5% from $4.01.
•During the quarter, we repaid $105 million of debt. We repurchased approximately 1.3 million shares for $133 million at the average share price of $102.24. At quarter-end, approximately $1.1 billion of share repurchase authorization remained available for future repurchases.

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Second Quarter 2025 Brand Summary (Compared to Same Period Last Year)

•Crocs Brand: Revenues increased 5.0% to $960 million, or 4.2% on a constant currency basis.
◦Channel
▪DTC revenues increased 3.4% to $495 million, or 2.7% on a constant currency basis.
▪Wholesale revenues increased 6.8% to $465 million, or 5.9% on a constant currency basis.
◦Geography
▪North America revenues decreased 6.5% to $457 million, or 6.4% on a constant currency basis.
▪International revenues increased 18.1% to $502 million, or 16.4% on a constant currency basis.
•HEYDUDE Brand: Revenues decreased 3.9% to $190 million, or 4.2% on a constant currency basis.
◦Channel
▪DTC revenues increased 7.6% to $90 million, or 7.5% on a constant currency basis.
▪Wholesale revenues decreased 12.4% to $100 million, or 12.8% on a constant currency basis.

Balance Sheet and Cash Flow (June 30, 2025, as compared to June 30, 2024)

•Cash and cash equivalents were $201 million compared to $168 million.
•Inventories were $405 million compared to $377 million.
•Total borrowings were $1,379 million compared to $1,530 million.
•Capital expenditures were $32 million compared to $33 million.

Financial Outlook

Third Quarter 2025
Given the continued uncertainty from evolving global trade policy and related pressures around the consumer, we will only be providing third quarter guidance.
For the third quarter of 2025, we expect:
•Revenues to be down approximately 11% to 9% compared to the third quarter of 2024, at currency rates as of August 4, 2025.
•Adjusted operating margin of approximately 18% to 19%, including an anticipated negative impact of approximately 170 basis points from announced and pending tariffs.

Conference Call Information

A conference call to discuss second quarter results is scheduled for today, Thursday, August 7, 2025, at 8:30 am ET. To receive conference call details, please register at the Investor Relations section of the Crocs website, investors.crocs.com. The webcast will also be available live and on replay through August 7, 2026, at this site.

About Crocs, Inc.:

Crocs, Inc. (Nasdaq: CROX), headquartered in Broomfield, Colorado, is a world leader in innovative casual footwear for all, combining comfort and style with a value that consumers know and love. The Company's brands include Crocs and HEYDUDE, and its products are sold in more than 80 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. visit investors.crocs.com. To learn more about our brands, visit www.crocs.com or www.heydude.com. Individuals can also visit https://investors.crocs.com/news-and-events/ and follow both Crocs and HEYDUDE on their social platforms.


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Forward Looking Statements

This press release includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

These statements include, but are not limited to, statements regarding our financial condition, brand and liquidity outlook, and expectations regarding our future financial results, share repurchases, our strategy, plans, objectives, expectations (financial or otherwise) and intentions, future financial results and growth potential, statements regarding future financial outlook and future profitability, cash flows, and brand strength, anticipated product portfolio and our ability to deliver sustained, highly profitable growth and create significant shareholder value. These statements involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance, or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include the factors described in our most recent Annual Report on Form 10-K under the heading "Risk Factors" and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission.

All information in this document speaks only as of August 7, 2025. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise, except as required by applicable law.

Category:Investors

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CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share data)

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues$1,149,373 $1,111,502 $2,086,706 $2,050,135 
Cost of sales440,537 429,586 836,321 846,142 
Gross profit708,836 681,916 1,250,385 1,203,993 
Selling, general and administrative expenses
1,136,352 356,178 1,454,927 651,826 
Income (loss) from operations(427,516)325,738 (204,542)552,167 
Foreign currency gains (losses), net434 (1,323)5,307 (3,596)
Interest income371 1,126 704 1,542 
Interest expense(22,523)(29,161)(45,289)(59,724)
Other income, net627 45 152 65 
Income (loss) before income taxes(448,607)296,425 (243,668)490,454 
Income tax expense 43,675 67,518 88,511 109,093 
Net income (loss) $(492,282)$228,907 $(332,179)$381,361 
Net income (loss) per common share:
Basic$(8.82)$3.79 $(5.94)$6.31 
Diluted$(8.82)$3.77 $(5.94)$6.26 
Weighted average common shares outstanding:
Basic55,783 60,320 55,946 60,442 
Diluted55,783 60,766 55,946 60,910 


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CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and par value amounts)
June 30,
2025		December 31,
2024
ASSETS  
Current assets:  
Cash and cash equivalents$200,611 $180,485 
Accounts receivable, net of allowances of $38,497 and $31,579, respectively417,426 257,657 
Inventories405,136 356,254 
Income taxes receivable6,500 4,046 
Other receivables22,192 22,204 
Prepaid expenses and other assets49,942 51,623 
Total current assets1,101,807 872,269 
Property and equipment, net of accumulated depreciation of $183,044 and $153,455, respectively
249,145 244,335 
Intangible assets, net1,335,462 1,777,080 
Goodwill404,695 711,491 
Deferred tax assets, net971,974 872,350 
Restricted cash3,570 3,193 
Right-of-use assets349,268 307,228 
Other assets34,645 24,207 
Total assets$4,450,566 $4,812,153 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable$263,339 $264,901 
Accrued expenses and other liabilities272,571 298,068 
Income taxes payable96,021 108,688 
Current operating lease liabilities82,918 68,551 
Total current liabilities714,849 740,208 
Deferred tax liabilities, net1,139 4,086 
Long-term income taxes payable618,082 595,434 
Long-term borrowings1,379,112 1,349,339 
Long-term operating lease liabilities311,549 283,406 
Other liabilities4,698 3,948 
Total liabilities3,029,429 2,976,421 
Commitments and contingencies
Stockholders’ equity:  
Common stock, par value $0.001 per share, 250.0 million shares authorized, 110.7 million and 110.4 million issued, 54.8 million and 56.5 million outstanding, respectively
111 110 
Treasury stock, at cost, 55.9 million and 53.9 million shares, respectively(2,653,423)(2,453,473)
Additional paid-in capital879,940 859,904 
Retained earnings3,229,657 3,561,836 
Accumulated other comprehensive loss(35,148)(132,645)
Total stockholders’ equity1,421,137 1,835,732 
Total liabilities and stockholders’ equity$4,450,566 $4,812,153 

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CROCS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
Six Months Ended June 30,
20252024
Cash flows from operating activities:
Net income (loss)
$(332,179)$381,361 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
38,011 33,705 
Operating lease cost49,738 40,654 
Share-based compensation20,036 17,744 
Asset impairment738,115 24,081 
Deferred taxes (1)
13,956 6,959 
Other non-cash items (1)
8,428 11,558 
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities:
Accounts receivable(147,242)(119,159)
Inventories(49,824)5,172 
Prepaid expenses and other assets (12,160)2,247 
Accounts payable, accrued expenses and other liabilities (26,467)(19,034)
Right-of-use assets and operating lease liabilities(49,821)(42,069)
Income taxes (32,026)30,443 
Cash provided by operating activities218,565 373,662 
Cash flows from investing activities:
Purchases of property, equipment, and software(31,946)(32,806)
Cash used in investing activities(31,946)(32,806)
Cash flows from financing activities:
Proceeds from borrowings539,000 78,156 
Repayments of borrowings(514,000)(216,405)
Repurchases of common stock, including excise tax(194,137)(175,011)
Repurchases of common stock for tax withholding(4,104)(5,913)
Other (1)
— (1,005)
Cash used in financing activities(173,241)(320,178)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash7,125 (2,747)
Net change in cash, cash equivalents, and restricted cash20,503 17,931 
Cash, cash equivalents, and restricted cash—beginning of period183,678 153,097 
Cash, cash equivalents, and restricted cash—end of period$204,181 $171,028 
(1) Amounts for the six months ended June 30, 2024, have been reclassified to conform to current period presentation.

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CROCS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America (“GAAP”), we present "Non-GAAP gross profit," “Non-GAAP gross margin,” “Non-GAAP gross margin by brand,” "Non-GAAP selling, general, and administrative expenses,” “Non-GAAP selling, general and administrative expenses as a percent of revenues,” “Non-GAAP income from operations,” “Non-GAAP operating margin,” “Non-GAAP income before income taxes,” “Non-GAAP income tax expense,” “Non-GAAP effective tax rate,” “Non-GAAP net income,” and “Non-GAAP basic and diluted net income per common share," which are non-GAAP financial measures. We also present future period guidance for “Non-GAAP operating margin,” “Non-GAAP effective tax rate,” “Non-GAAP diluted earnings per share,” and “Free cash flow.” We also present a long-term target for ‘Net leverage.’ Non-GAAP results exclude the impact of items that management believes affect the comparability or underlying business trends in our condensed consolidated financial statements in the periods presented.

We also present certain information related to our current period results of operations through “constant currency,” which is a non-GAAP financial measure and should be viewed as a supplement to our results of operations and presentation of reportable segments under GAAP. Constant currency represents current period results that have been retranslated using exchange rates used in the prior year comparative period to enhance the visibility of the underlying business trends excluding the impact of foreign currency exchange rate fluctuations.

Management uses non-GAAP results to assist in comparing business trends from period to period on a consistent basis in communications with the board of directors, stockholders, analysts, and investors concerning our financial performance. We believe that these non-GAAP measures, in addition to corresponding GAAP measures, are useful to investors and other users of our condensed consolidated financial statements as an additional tool for evaluating operating performance and trends by providing meaningful information about operations compared to our peers by excluding the impacts of various differences. The calculation of our non-GAAP financial metrics may vary from company to company. As a result, our calculation of these metrics may not be comparable to similarly titled metrics used by other companies.

Management believes Non-GAAP gross profit, Non-GAAP gross margin, and Non-GAAP gross margin by brand are useful performance measures for investors because they provide investors with a means of comparing these measures between periods without the impact of certain expenses that we believe are not indicative of our routine cost of sales. Our routine cost of sales includes core product costs and distribution expenses primarily related to receiving, inspecting, warehousing, and packaging product and transportation costs associated with delivering products from distribution centers. Costs not indicative of our routine cost of sales may or may not be recurring in nature and include costs to expand and transition to new distribution centers.

Management believes Non-GAAP selling, general and administrative expenses and Non-GAAP selling, general and administrative expenses as a percent of revenues are useful performance measures for investors because they provide a more meaningful comparison to prior periods and may be indicative of the level of such expenses to be incurred in future periods. These measures exclude the impact of certain expenses not related to our normal operations that are expected to be non-recurring in nature, such as impairment charges.

Non-GAAP income from operations and Non-GAAP operating margin reflect the impact of Non-GAAP gross profit and Non-GAAP selling, general, and administrative expenses, as discussed above. We believe these are useful performance measures for investors because they provide a basis to compare performance in the period to prior periods.

Non-GAAP income before income taxes reflects the impact of Non-GAAP income from operations, as discussed above. We believe this is a useful performance measure for investors because it provides a basis to compare performance in the period to prior periods.

Management believes Non-GAAP income tax expense is a useful performance measure for investors because it provides a basis to compare our tax rates to historical tax rates, and because the adjustment is necessary in order to calculate Non-GAAP net income.

Management believes Non-GAAP effective tax rate is a useful performance measure for investors because it provides an ongoing effective tax rate that they can use for historical comparisons and forecasting.

Management believes Non-GAAP net income is a useful performance measure for investors because it focuses on underlying operating results and trends and improves the comparability of our results to prior periods. This measure reflects the impact of

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Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above.

Management believes Non-GAAP basic and diluted net income per common share are useful performance measures for investors because they focus on underlying operating results and trends and improve the comparability of our results to prior periods. These measures reflect the impact of Non-GAAP gross profit, Non-GAAP selling, general, and administrative expenses, and Non-GAAP income tax expense, as described above.

Management believes Net leverage is a useful performance measure for investors because it provides a measure of our financial strength and liquidity.

Free cash flow is calculated as ‘Cash provided by operating activities’ less ‘Purchases of property, equipment, and software.’ Management believes free cash flow is useful for investors because it provides a clear measure of our ability to generate cash for discretionary uses such as funding growth opportunities, repurchasing shares, and reducing debt.

For the three and six months ended June 30, 2025, management believes it is helpful to evaluate our results excluding the impacts of various adjustments relating to special or non-recurring items. Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Non-GAAP Financial Guidance

Our forward-looking guidance for consolidated “adjusted operating margin” represents non-GAAP financial measures that exclude or otherwise have been adjusted for special items from our U.S. GAAP financial statements. We consider these items to be necessary adjustments for purposes of evaluating our ongoing business performance and are often considered non-recurring. Such adjustments are subjective and involve significant management judgment.

We are unable to reconcile forward-looking adjusted measures to their nearest U.S. GAAP measure quarter-by-quarter because we are unable to predict the timing of these adjustments with a reasonable degree of certainty. By their very nature, special and other non-core items are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and its financial results. Therefore, we are unable to provide a reconciliation of these measures for the guidance related to the third quarter of 2025.


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CROCS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(UNAUDITED)

Non-GAAP gross profit and gross margin reconciliation:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
GAAP revenues$1,149,373 $1,111,502 $2,086,706 $2,050,135 
GAAP gross profit$708,836 $681,916 $1,250,385$1,203,993 
Distribution centers (1)
— — —3,242 
Non-GAAP gross profit$708,836 $681,916 $1,250,385$1,207,235 
GAAP gross margin
61.7 %61.4 %59.9%58.7 %
Non-GAAP gross margin
61.7 %61.4 %59.9%58.9 %
(1) During the six months ended June 30, 2024, adjustments primarily relate to costs to transition to our new HEYDUDE distribution center in Las Vegas, Nevada.


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Non-GAAP selling, general and administrative reconciliation:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
GAAP revenues$1,149,373 $1,111,502 $2,086,706 $2,050,135 
GAAP selling, general and administrative expenses$1,136,352 $356,178 $1,454,927 $651,826 
Impairment of indefinite-lived trademark (1)
(430,000)— (430,000)— 
Impairment of goodwill (2)
(307,000)— (307,000)— 
Impairment related to information technology systems (3)
— — — (18,172)
Impairment related to distribution centers (4)
— — — (6,933)
Total adjustments(737,000)— (737,000)(25,105)
Non-GAAP selling, general and administrative expenses (5)
$399,352 $356,178 $717,927 $626,721 
GAAP selling, general and administrative expenses as a percent of revenues98.9 %32.0 %69.7 %31.8 %
Non-GAAP selling, general and administrative expenses as a percent of revenues34.7 %32.0 %34.4 %30.6 %
(1) Represents an impairment of the HEYDUDE indefinite-lived trademark.
(2) Represents an impairment of the HEYDUDE Brand reporting unit goodwill.
(3) Represents an impairment of information technology systems related to the HEYDUDE integration.
(4) Primarily represents an impairment of the right-of-use assets for our former HEYDUDE Brand warehouses in Las Vegas, Nevada associated with our move to our new distribution center and an impairment of the right-of-use asset for our former Crocs Brand warehouse in Oudenbosch, the Netherlands.
(5) Non-GAAP selling, general and administrative expenses are presented gross of tax.

Non-GAAP income from operations and operating margin reconciliation:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
GAAP revenues$1,149,373 $1,111,502 $2,086,706 $2,050,135 
GAAP income (loss) from operations$(427,516)$325,738 $(204,542)$552,167 
Non-GAAP gross profit adjustments (1)
— — — 3,242 
Non-GAAP selling, general and administrative expenses adjustments (2)
737,000 — 737,000 25,105 
Non-GAAP income from operations$309,484 $325,738 $532,458 $580,514 
GAAP operating margin(37.2)%29.3 %(9.8)%26.9 %
Non-GAAP operating margin26.9 %29.3 %25.5 %28.3 %
(1) See 'Non-GAAP gross profit and gross margin reconciliation' above for more details.
(2) See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more details.


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Non-GAAP income tax expense (benefit) and effective tax rate reconciliation:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
GAAP income (loss) from operations$(427,516)$325,738 $(204,542)$552,167 
GAAP income (loss) before income taxes(448,607)296,425 (243,668)490,454 
Non-GAAP income from operations (1)
$309,484 $325,738 $532,458 $580,514 
GAAP non-operating income (expenses):
Foreign currency gains (losses), net434 (1,323)5,307 (3,596)
Interest income371 1,126 704 1,542 
Interest expense(22,523)(29,161)(45,289)(59,724)
Other income, net627 45 152 65 
Non-GAAP income before income taxes$288,393 $296,425 $493,332 $518,801 
GAAP income tax expense$43,675 $67,518 $88,511 $109,093 
Tax effect of non-GAAP operating adjustments29,942 — 29,942 7,141 
Impact of intra-entity IP transactions (2)
(22,701)(14,729)(32,273)(25,167)
Non-GAAP income tax expense$50,916 $52,789 $86,180 $91,067 
GAAP effective income tax rate(9.7)%22.8 %(36.3)%22.2 %
Non-GAAP effective income tax rate17.7 %17.8 %17.5 %17.6 %
(1) See ‘Non-GAAP income from operations and operating margin reconciliation’ above for more details.
(2) In the fourth quarter of 2024, and previously in 2023, 2021 and 2020, we made changes to our international legal structure, including an intra-entity transaction related to certain intellectual property rights, primarily to align with current and future international operations. The transactions resulted in a step-up in the tax basis of intellectual property rights and correlated increases in foreign deferred tax assets based on the fair value of the transferred intellectual property rights. This adjustment represents the current period impact of these transactions.

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Non-GAAP net income per share reconciliation:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands, except per share data)
Numerator:
GAAP net income (loss)$(492,282)$228,907 $(332,179)$381,361 
Non-GAAP gross profit adjustments (1)
— — — 3,242 
Non-GAAP selling, general and administrative expenses adjustments (2)
737,000 — 737,000 25,105 
Tax effect of non-GAAP adjustments (3)
(7,241)14,729 2,331 18,026 
Non-GAAP net income
$237,477 $243,636 $406,310 $427,734 
Denominator:  
GAAP weighted average common shares outstanding - basic
55,783 60,320 55,946 60,442 
Plus: GAAP dilutive effect of stock options and unvested restricted stock units— 446 — 468 
GAAP weighted average common shares outstanding - diluted
55,783 60,766 55,946 60,910 
GAAP weighted average common shares outstanding - basic
55,783 55,946 
Plus: dilutive effect of stock options and unvested restricted stock units365 379 
Non-GAAP weighted average common shares outstanding - diluted56,148 56,325 
GAAP net income (loss) per common share:
Basic$(8.82)$3.79 $(5.94)$6.31 
Diluted$(8.82)$3.77 $(5.94)$6.26 
Non-GAAP net income per common share:
Basic$4.26 $4.04 $7.26 $7.08 
Diluted$4.23 $4.01 $7.21 $7.02 
(1) See 'Non-GAAP gross profit and gross margin reconciliation' above for more information.
(2) See 'Non-GAAP selling, general and administrative expenses and selling, general and administrative expenses as a percent of revenues reconciliation' above for more information.
(3) See ‘Non-GAAP income tax expense (benefit) and effective tax rate reconciliation’ above for more information.




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Free cash flow reconciliation:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in thousands)
Cash provided by operating activities$285,800 $401,236 $218,565$373,662 
Purchases of property, equipment, and software(16,571)(17,056)(31,946)(32,806)
Free cash flow
$269,229 $384,180 $186,619 $340,856 

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CROCS, INC. AND SUBSIDIARIES
REVENUES BY SEGMENT, CHANNEL, AND GEOGRAPHY
(UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
% Change
Constant Currency
% Change (1)
Favorable (Unfavorable)
2025202420252024
Q2 2025-2024
YTD 2025-2024
Q2 2025-2024
YTD 2025-2024
($ in thousands)
Crocs Brand:
North America:
Wholesale$166,528 $173,987 $337,210 $354,325 (4.3)%(4.8)%(4.2)%(4.5)%
Direct-to-consumer290,602 314,728 488,437 517,304 (7.7)%(5.6)%(7.6)%(5.4)%
Total North America (2)
457,130 488,715 825,647 871,629 (6.5)%(5.3)%(6.4)%(5.1)%
International:
Wholesale298,151 261,294 604,274 542,959 14.1 %11.3 %12.6 %12.2 %
Direct-to-consumer204,309 163,980 291,278 243,218 24.6 %19.8 %22.6 %19.8 %
Total International502,460 425,274 895,552 786,177 18.1 %13.9 %16.4 %14.5 %
Total Crocs Brand$959,590 $913,989 $1,721,199 $1,657,806 5.0 %3.8 %4.2 %4.2 %
Crocs Brand:
Wholesale$464,679 $435,281 $941,484 $897,284 6.8 %4.9 %5.9 %5.6 %
Direct-to-consumer494,911 478,708 779,715 760,522 3.4 %2.5 %2.7 %2.6 %
Total Crocs Brand959,590 913,989 1,721,199 1,657,806 5.0 %3.8 %4.2 %4.2 %
HEYDUDE Brand:
Wholesale99,760 113,829 210,453 248,582 (12.4)%(15.3)%(12.8)%(15.2)%
Direct-to-consumer90,023 83,684 155,054 143,747 7.6 %7.9 %7.5 %7.8 %
Total HEYDUDE Brand (3)
189,783 197,513 365,507 392,329 (3.9)%(6.8)%(4.2)%(6.8)%
Total consolidated revenues$1,149,373 $1,111,502 $2,086,706 $2,050,135 3.4 %1.8 %2.7 %2.1 %
(1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See ‘Reconciliation of GAAP Measures to Non-GAAP Measures’ above for more information.
(2) North America includes the United States and Canada.
(3) The vast majority of HEYDUDE Brand revenues are derived from North America.



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