[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","i5kpgr1vy1zcmfxku21rl96w3","revision",2,"title","Crocs公布截至2026年9月30日第三季度及前九个月业绩：第三季度营收增长4.6%，净利润2.168亿美元","originalTitle","Crocs, Inc. (0001334036) (Filer)","summary","Crocs披露，截至2026年9月30日的第三季度营收为10.426亿美元，同比增长4.6%；净利润为2.168亿美元，摊薄后每股收益4.52美元。前九个月营收为31.435亿美元，同比增长2.0%，净利润为5.592亿美元，上年同期净亏损1.864亿美元；上年同期业绩包含HEYDUDE商标及商誉减值。","reason","材料提供了Crocs第三季度及前九个月的营收、利润、品牌表现和现金流数据，并说明关税退款及上年减值影响了业绩比较。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-29T15:55:27.000Z","discoveredAt","2026-10-29T16:07:52.264Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",64,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fMzEhdWfz-nY",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","db58b9e2-9e54-4a96-aa11-3938369dee9f","Crocs公布2026年第三季度及前九个月业绩",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

_____________________________________________________________

10-Q 表

☒ 根据 1934 年《证券交易法》第 13 或 15(d) 条提交的季度报告

截至 2026 年 9 月 30 日的季度

或

☐ 根据 1934 年《证券交易法》第 13 或 15(d) 条提交的过渡报告

过渡期自至

委员会档案编号 000-51754

_____________________________________________________________

CROCS, INC.

（注册人章程中规定的准确名称）

特拉华州

20-2164234

（州或其他司法管辖区）

（注册成立或组织地）

（美国国税局雇主）

（识别号码）

500 Eldorado Blvd., Building 5, Broomfield, Colorado 80021

（注册人主要执行办公室的地址，包括邮政编码）

(303) 848-7000

（注册人的电话号码，包括区号）

_____________________________________________________________

根据该法第 12(b) 条注册的证券：

各类别名称：

交易代码：

注册所在交易所名称：

普通股，每股面值 $0.001

CROX

纳斯达克全球精选市场

请勾选说明注册人是否：(1) 已在过去 12 个月内（或注册人须提交该等报告的较短期间内）提交《1934 年证券交易法》第 13 或 15(d) 条规定须提交的所有报告；且 (2) 在过去 90 天内一直受此类申报要求约束。是 ☒ 否 ☐

请勾选说明注册人是否已在过去 12 个月内（或注册人须提交该等文件的较短期间内），以电子方式提交根据 S-T 条例第 405 条（本章第 §232.405 条）须提交的所有交互式数据文件。是 ☒ 否 ☐

请勾选说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。定义参见《交易法》规则 12b-2 中的“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”。

大型加速申报公司

加速申报

公司

非加速申报

公司

较小申报公司

新兴成长型公司

☒

☐

如果属于新兴成长型公司，请勾选说明注册人是否选择不采用《交易法》第 13(a) 条规定的新或修订财务会计准则的延长过渡期。 ☐

请勾选，说明注册人是否为壳公司（定义见《交易法》规则 12b-2）。是 ☐ 否 ☒

截至 October 22, 2026，Crocs, Inc. 已发行普通股（每股面值 $0.001）共 45,725,039 股。

关于前瞻性陈述的警示说明

本季度报告 Form 10-Q 包含《1933 年证券法》（经修订）第 27A 条以及《1934 年证券交易法》（经修订）（以下简称“《交易法》”）第 21E 条所指的“前瞻性陈述”。我们也可能不时在向公众发布的其他材料中提供口头或书面的前瞻性陈述。此类前瞻性陈述受《1995 年私人证券诉讼改革法》所设安全港条款保护。

提及行业趋势、对未来财务表现的预测、对业务预期趋势的描述以及对未来事件或情形的其他描述，均属于前瞻性陈述。这些陈述表达了管理层对未来事件或结果的当前看法，使用“预期”“假设”“相信”“有信心”“继续”“估计”“预计”“未来”“打算”“计划”“预测”“努力”等词语，以及“可能”“或许”“应当”“将”“会”等将来时或条件式动词及类似表达或变体。前瞻性陈述示例包括但不限于我们就以下事项作出的陈述：

•我们对业务未来趋势、预期和表现的预期；

•我们对经济趋势对业务影响的预期；

•我们相信有足够的流动资金为未来十二个月的业务运营提供资金；以及

•我们对战略计划影响的预期。

前瞻性陈述受风险、不确定性和其他因素影响，这些因素可能导致实际结果与前瞻性陈述明示或暗示的未来结果存在重大差异。可能导致实际结果与前瞻性陈述存在重大差异的重要因素包括但不限于：我们截至 December 31, 2025 的年度 Form 10-K 年度报告第 1A 项“风险因素”部分所述因素，以及我们向美国证券交易委员会提交的后续文件中所述因素，包括本报告第 1A 项“风险因素”部分所述因素。请勿过度依赖任何此类前瞻性陈述。此外，此类前瞻性陈述仅截至本报告日期作出。除适用法律要求外，我们不承担更新任何前瞻性陈述以反映该等陈述日期之后事件或情况的义务。

Crocs, Inc.

截至 Form 10-Q 季度报告的目录

截至 September 30, 2026 的季度


第一部分 — 财务信息

第 1 项。	财务报表（未经审计）
	简明合并经营报表	1
	简明合并综合收益（亏损）表	2
	简明合并资产负债表	3
	简明合并股东权益表	4
	简明合并现金流量表	6
	简明合并财务报表附注	7
第 2 项	管理层对财务状况和经营业绩的讨论与分析	20
第 3 项	有关市场风险的定量和定性披露	29
第 4 项	控制与程序	30

第二部分 — 其他信息	31

第 1 项	法律诉讼	31
第 1A 项	风险因素	31
第 2 项	未注册的股权证券销售、所得款项用途及发行人购买股权证券	31
第 5 项	其他信息	31
第 6 项	附件	32
签名		33

第一部分 — 财务信息

第 1 项. 财务报表

CROCS, INC. 及子公司

简明合并经营报表

（未经审计）

（单位：千，股份数据除外）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
收入	$	1,042,583			$	996,301		$	3,143,508	$	3,083,007
销售成本	352,849			413,293			1,230,122		1,249,614
毛利	689,734			583,008			1,913,386		1,833,393
销售、一般及行政费用	397,807			375,348			1,131,636		1,092,160
商誉减值	—			—			—		307,000
资产减值	—			—			3,301		431,115
经营收入	291,927			207,660			778,449		3,118
外币汇兑收益（损失），净额	1,276			2,957			(2,651)		8,264
利息收入	3,343			531			4,261		1,235
利息费用	(19,059)			(21,711)			(59,427)		(67,000)
其他费用（收入），净额	(53)			(9)			(431)		143
所得税前收入（亏损）	277,434			189,428			720,201		(54,240)
所得税费用	60,679			43,612			161,003		132,123
净收入（亏损）	$	216,755			$	145,816		$	559,198	$	(186,363)
每股普通股净收入（亏损）：
基本	$	4.57			$	2.72		$	11.43	$	(3.38)
摊薄	$	4.52			$	2.70		$	11.32	$	(3.38)
加权平均流通普通股数：
基本	47,413			53,641			48,925		55,169
摊薄	47,954			53,989			49,418		55,169

随附附注是这些未经审计的简明合并财务报表不可分割的一部分。

CROCS, INC. 及子公司

简明合并综合收益（亏损）表

（未经审计）

（单位：千）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
净收入（亏损）	$	216,755			$	145,816		$	559,198	$	(186,363)
其他综合收益（亏损），税后净额：
指定为套期工具的衍生工具：
衍生工具未实现（亏损）收益	(594)			56			763		(145)
衍生工具已实现（收益）亏损的重分类调整	(103)			40			(14)		(195)
指定为套期工具的衍生工具产生的净（减少）增加	(697)			96			749		(340)
外币折算（亏损）收益，净额	(897)			(7,395)			(22,114)		90,538
税后综合收益（亏损）	$	215,161			$	138,517		$	537,833	$	(96,165)

随附附注是这些未经审计的简明合并财务报表不可分割的一部分。

CROCS, INC. 及子公司

简明合并资产负债表

（未经审计）

（千元，股份及面值金额除外）


	2026年9月30日		2025年12月31日
资产
流动资产：
现金及现金等价物	$	163,457			$	130,354

应收账款，扣除准备金39,818美元和28,136美元	355,022			278,191
存货	413,030			368,687
应收所得税	2,918			32,782
其他应收款	25,412			22,082
预付费用及其他资产	67,778			53,787
流动资产合计	1,027,617			885,883
财产及设备，扣除累计折旧248,818美元和209,873美元	240,778			238,191
无形资产，净额	1,312,049			1,324,680
商誉	404,630			404,689
递延所得税资产，净额	904,841			935,054
受限现金	3,496			3,557
使用权资产	332,085			338,669
其他资产	55,175			44,027
资产总额	$	4,280,671			$	4,174,750
负债及股东权益
流动负债：
应付账款	$	272,506			$	266,090
应计费用及其他负债	266,533			300,959
应付所得税	84,174			47,308

流动经营租赁负债	90,820			85,772
流动负债合计	714,033			700,129
递延所得税负债，净额	844			882
长期应付所得税	641,563			649,057
长期借款	1,289,044			1,230,885
长期经营租赁负债	283,254			297,192
其他负债	6,926			3,322
负债总额	2,935,664			2,881,467
承诺及或有事项
股东权益：

普通股，面值每股0.001美元，授权发行2.5亿股，已发行1.112亿股和1.107亿股，分别流通在外4,620万股和5,020万股	111			111
库存股，按成本计，分别为6,500万股和6,050万股	(3,564,417)			(3,040,416)
额外实收资本	934,497			896,605
留存收益	4,039,836			3,480,638
累计其他综合亏损	(65,020)			(43,655)
股东权益合计	1,345,007			1,293,283
负债及股东权益总额	$	4,280,671			$	4,174,750

随附附注是这些未经审计的简明合并财务报表不可分割的一部分。

CROCS, INC. 及子公司

简明合并股东权益变动表

（未经审计）

（千元）


	普通股	库存股		额外实收资本	留存收益		累计其他综合（亏损）		股东权益总额
	股份数	金额		股份数	金额
2026年6月30日余额	48,136		$	111		62,864			$	(3,296,549)		$	921,457	$	3,823,081		$	(63,426)	$	1,384,674
股份支付薪酬	—		—		—			—			11,644		—	—		11,644
行使股票期权、发行限制性股票奖励及限制性股票单位归属，扣除代缴税款而预扣的股份	115		—		110			(15,496)			1,396		—	—		(14,100)
回购普通股（含消费税）	(2,028)		—		2,028			(252,372)			—		—	—		(252,372)

净利润	—		—		—			—			—		216,755	—		216,755
其他综合亏损	—		—		—			—			—		—	(1,594)		(1,594)
2026年9月30日余额	46,223		$	111		65,002			$	(3,564,417)		$	934,497	$	4,039,836		$	(65,020)	$	1,345,007


	普通股	库存股		额外实收资本	留存收益		累计其他综合（亏损）		股东权益总额
	股份数	金额		股份	金额
截至 2025年6月30日的余额	54,801		$	111		55,881			$	(2,653,423)		$	879,940	$	3,229,657		$	(35,148)	$	1,421,137
股份支付薪酬	—		—		—			—			8,476		—	—		8,476
行使股票期权、发行限制性股票奖励以及限制性股票单位归属，扣除代扣税款的股份	9		—		1			(141)			—		—	—		(141)
回购普通股（包括消费税）	(2,443)		—		2,443			(204,849)			—		—	—		(204,849)
净利润	—		—		—			—			—		145,816	—		145,816
其他综合亏损	—		—		—			—			—		—	(7,299)		(7,299)
截至 2025年9月30日的余额	52,367		$	111		58,325			$	(2,858,413)		$	888,416	$	3,375,473		$	(42,447)	$	1,363,140

随附附注是这些未经审计的简明合并财务报表不可分割的一部分。

CROCS, INC.及子公司

简明合并股东权益表

（未经审计）

（单位：千）


	普通股	库存股		额外实收资本	留存收益		累计其他综合（亏损）		股东权益总额
	股份	金额		股份	金额
截至 2025年12月31日的余额	50,220		$	111		60,481			$	(3,040,416)		$	896,605	$	3,480,638		$	(43,655)	$	1,293,283
股份支付薪酬	—		—		—			—			36,496		—	—		36,496
行使股票期权、发行限制性股票奖励以及限制性股票单位归属，扣除代扣税款的股份	376		—		148			(18,734)			1,396		—	—		(17,338)
回购普通股（包括消费税）	(4,373)		—		4,373			(505,267)			—		—	—		(505,267)

净利润	—		—		—			—			—		559,198	—		559,198
其他综合亏损	—		—		—			—			—		—	(21,365)		(21,365)
截至 2026年9月30日的余额	46,223		$	111		65,002			$	(3,564,417)		$	934,497	$	4,039,836		$	(65,020)	$	1,345,007


	普通股	库存股		额外实收资本	留存收益		累计其他综合（亏损）		股东权益总额
	股份	金额		股份	金额
截至 2024年12月31日的余额	56,475		$	110		53,930			$	(2,453,473)		$	859,904	$	3,561,836		$	(132,645)	$	1,835,732
股份支付薪酬	—		—		—			—			28,512		—	—		28,512
行使股票期权、发行限制性股票奖励以及限制性股票单位归属，扣除代扣税款的股份	245		1		42			(4,245)			—		—	—		(4,244)

回购普通股（包括消费税）	(4,353)		—		4,353			(400,695)			—		—	—		(400,695)
净亏损	—		—		—			—			—		(186,363)	—		(186,363)
其他综合收益	—		—		—			—			—		—	90,198		90,198
截至 2025年9月30日的余额	52,367		$	111		58,325			$	(2,858,413)		$	888,416	$	3,375,473		$	(42,447)	$	1,363,140

随附附注是这些未经审计的简明合并财务报表不可分割的一部分。

CROCS, INC.及子公司

简明合并现金流量表

（未经审计）

（单位：千）


	截至9月30日的九个月
	2026		2025
经营活动产生的现金流量：
净利润（亏损）	$	559,198			$	(186,363)
将净利润（亏损）调节为经营活动提供的现金净额的调整项目：
折旧和摊销	60,875			58,337

经营租赁成本	85,421			76,614


股份支付薪酬	36,496			28,512
资产减值	3,301			738,115
递延税项	(47)			17,057
其他非现金项目	10,055			6,059
经营资产和负债的变动：
应收账款	(76,691)			(65,052)
存货	(45,873)			(40,165)
预付费用及其他资产	(30,585)			(17,372)
应付账款、应计费用及其他负债	(22,650)			(68,459)
使用权资产和经营租赁负债	(87,614)			(77,580)
所得税	69,303			(11,802)
经营活动提供的现金	561,189			457,901
投资活动产生的现金流量：
购置财产、设备和软件	(53,615)			(45,120)


投资活动使用的现金	(53,615)			(45,120)
融资活动产生的现金流：

借款所得款项	476,550			626,000
偿还借款	(425,550)			(664,000)

回购普通股（含消费税）	(506,194)			(402,153)
为缴纳预扣税款而回购普通股	(17,338)			(4,245)

融资活动所用现金	(472,532)			(444,398)
汇率变动对现金、现金等价物及受限现金的影响	(2,000)			5,462
现金、现金等价物及受限现金净变动	33,042			(26,155)
期初现金、现金等价物及受限现金	133,911			183,678
期末现金、现金等价物及受限现金	$	166,953			$	157,523

随附附注是这些未经审计的简明合并财务报表不可分割的一部分。

CROCS, INC.及子公司

简明合并财务报表附注

（未经审计）

1. 列报基础及重要会计政策概要

除本报告另有说明外，本报告中所述“公司”、“我们”或“我们的”均包括 Crocs, Inc. 及其在各可报告经营分部和公司运营中的合并子公司。我们从事休闲生活方式鞋履及配饰的设计、开发、全球营销、分销和销售。我们的目标是成为全球领先的休闲鞋履销售商，这类鞋履以功能性、舒适性、色彩和轻量化设计为特点。

我们的可报告经营分部包括：(i) Crocs 品牌和 (ii) HEYDUDE 品牌。更多信息请参阅附注 13——经营分部。

随附的未经审计简明合并中期财务报表包括我们及全资子公司的账目，并反映了为公允列报所示期间的经营业绩、财务状况和现金流量而进行的所有必要调整，且符合美国公认会计原则（“美国 GAAP”）。这些未经审计的简明合并中期财务报表根据美国证券交易委员会的规则和条例，按照 10-Q 表格的说明编制。根据该等规则和条例，按照美国 GAAP 编制的财务报表通常包含的某些信息和脚注披露已予以简化或省略。年末简明资产负债表数据源自经审计的财务报表，但未包含美国 GAAP 要求的所有披露。

阅读这些未经审计的简明合并中期财务报表时，应结合我们截至 2025 年 12 月 31 日止年度的 10-K 表格年度报告（“年度报告”）；这些报表按照与年度报告所载合并财务报表附注 1 中所述会计政策一致的基础编制。在截至 2026 年 9 月 30 日止九个月内，除附注 2——近期会计公告所述（如适用）已采用的新会计公告外，我们的会计政策未发生变化。

重新分类

我们已对附注 1——列报基础及重要会计政策概要中的某些金额进行了重新分类，以符合本期列报方式。

估计的使用

美国公认会计原则（U.S. GAAP）要求我们作出某些估计、判断和假设。我们认为，根据作出这些估计、判断和假设时可获得的信息，用于确定影响财务报表的某些金额的估计、判断和假设是合理的。管理层认为，在对诸如坏账准备、客户返利、销售退货和折让、减值评估和损失、长期资产的可收回性、递延所得税资产、估值备抵、不确定税务事项、所得税费用、股份支付费用、存货成本与可变现净值孰低评估、长期资产的使用寿命、商誉以及使用寿命不确定的无形资产等项目和事项进行会计处理时作出的估计、判断和假设，均根据作出时可获得的信息而属合理。如果这些估计与实际结果存在差异，我们的简明合并财务报表可能会受到重大影响。

法律法规的变更

2026年2月20日，美国最高法院裁定，总统无权依据《国际紧急经济权力法》（“IEEPA”）征收关税。2026年3月4日，美国国际贸易法院命令美国海关与边境保护局启动退款流程，向所有受IEEPA关税约束的进口商退款。截至2026年 9月 30日，我们已收到约67 百万美元的IEEPA关税退款（含利息）。其中，约64 百万美元的收益计入截至2026年9月30日止三个月简明合并经营报表中的“销售成本”，约3 百万美元的收益计入“利息收入”。

简明合并现金流量表——补充披露


	截至9月30日的九个月
	2026		2025
	（千美元）
已付利息现金	$	58,698			$	65,873
已付所得税现金（扣除退款后）(1)	91,089			126,207
已付经营租赁现金	87,469			76,537

非现金投资和融资活动：
通过交换经营租赁负债取得的使用权资产（扣除终止额后）	$	61,725			$	89,632
应计购置的财产、设备和软件	5,813			3,354

(1) 2025年第四季度，我们修订了已付所得税现金的列报方式。此前，已付所得税现金列报时未扣除收到的所得税退款。修订后的列报方式将已付所得税现金列示为扣除退款后的金额。我们认为，修订后的列报方式能更有意义、更透明地呈现经营现金流信息。截至2025年9月30日止九个月的金额已重列，以符合本期列报方式。

2. 最新会计准则公告

尚未采用的新会计准则公告

利润表费用的分类披露

2024年11月，FASB发布了关于披露利润表费用细分信息的权威指引，并于2025年1月作出后续澄清。该指引适用于2026年12月15日之后开始的年度期间，允许提前采用，并应采用前瞻性方式应用。我们预计该准则不会对合并财务报表产生重大影响，但将要求在合并财务报表附注中增加披露。

其他已发布但在2026年 9月 30日之后才生效的新公告，预计不会对我们的简明合并财务报表产生重大影响。

3. 商誉和无形资产，净额

我们至少每年评估使用寿命不确定的无形资产和商誉的账面价值；如发生表明可能减值的期中触发事件，也会进行评估。任何已确认的减值均作为非现金调整，反映在简明合并现金流量表经营活动产生的现金流量中的净收益（亏损）内。

截至2026年9月30日的三个月和九个月期间，均未发生触发事件，也未确认减值。

截至2025年6月30日的三个月期间，HEYDUDE 品牌使用寿命不确定的无形资产（仅包括 HEYDUDE 商标，以下简称“商标”）以及 HEYDUDE 品牌报告单位（以下简称“报告单位”）的商誉发生了触发事件。触发事件是由于在截至2025财年的第二季度，我们下调了内部 HEYDUDE 品牌预测，原因是我们认为稳定 HEYDUDE 品牌并使其恢复增长所需的时间将会延长。这在一定程度上是由于触发事件发生时预计美国消费者疲软，以及截至2025财年的第二季度显现出的关税对 HEYDUDE 品牌产品造成的不成比例影响。因此，我们在截至2025财年的第二季度对商标和报告单位商誉完成了定量评估。

在定量评估中，我们将商标和报告单位的估计公允价值分别与其账面价值进行比较。如果商标或报告单位的账面价值超过其估计公允价值，则确认减值费用。商标和报告单位商誉的定量评估由管理层在第三方估值专家协助下进行。

商标的定量评估采用多期超额收益法。管理层制定并用于评估的主要假设包括：年收入增长率平均约为 8%，预计息税折旧摊销前利润（“EBITDA”）利润率平均约为 20%，以及基于市场的 15.0% 折现率；该折现率主要基于无风险回报率、股权市场风险溢价和公司特定风险溢价。商标的估计公允价值未超过其账面价值。在截至 2025 年的财政年度第二季度，我们在简明合并经营报表的“资产减值”项目中记录了与该商标相关的 430.0 百万美元减值费用，此后其估计公允价值等于其账面价值。与 2024 年第四季度完成的最近一次年度减值测试所采用的假设相比，该减值费用反映了低于此前预期的年收入增长率和 EBITDA，以及基于市场的折现率上升，尤其是无风险回报率的上升。

我们采用折现现金流法对报告单位商誉进行了定量评估。管理层制定并用于评估的主要假设包括年收入增长率、预计 EBITDA 利润率以及基于市场的折现率；该折现率主要基于无风险回报率、股权市场风险溢价和公司特定风险溢价。报告单位商誉的估计公允价值未超过其账面价值。在截至 2025 年的财政年度第二季度，我们在简明合并经营报表的“商誉减值”项目中记录了与该报告单位商誉相关的 307.0 百万美元减值费用，此后其估计公允价值等于其账面价值。与 2024 年第四季度完成的最近一次年度减值测试所采用的假设相比，该减值费用反映了低于此前预期的年收入增长率和 EBITDA，以及基于市场的折现率上升，尤其是无风险回报率的上升。

截至 2026 年 9 月 30 日的九个月内商誉变动如下：


	商誉
	Crocs 品牌		HEYDUDE 品牌		总计
	（单位：千）
截至 2025 年 12 月 31 日的商誉总额	$	2,424			$	710,034		$	712,458
累计减值	(769)			(307,000)			(307,769)
截至 2025 年 12 月 31 日的商誉净额	1,655			403,034			404,689

截至 2026 年 9 月 30 日的九个月内的变动：
外币折算	(59)			—			(59)


截至 2026 年 9 月 30 日的商誉总额	2,365			710,034			712,399
累计减值	(769)			(307,000)			(307,769)
截至 2026 年 9 月 30 日的商誉净额	$	1,596			$	403,034		$	404,630

简明合并资产负债表中列报的“无形资产净额”包括以下项目：


	2026 年 9 月 30 日		2025 年 12 月 31 日
	原值		累计摊销		累计减值		净额	原值		累计摊销	累计减值		净额
	（单位：千）
需摊销的无形资产：
资本化软件	$	146,707			$	(132,724)		$	—		$	13,983			$	145,954		$	(126,000)	$	—	$	19,954
客户关系	210,000			(64,750)			—		145,250		210,000			(54,250)			—		155,750
专利、版权和商标	11,545			(4,684)			—		6,861		9,767			(4,240)			—		5,527
无需摊销的无形资产：
HEYDUDE 商标	1,570,000			—			(430,000)		1,140,000		1,570,000			—			(430,000)		1,140,000
在建	5,140			—			—		5,140		2,676			—			—		2,676
其他	815			—			—		815		773			—			—		773
总计	$	1,944,207			$	(202,158)		$	(430,000)		$	1,312,049			$	1,939,170		$	(184,490)	$	(430,000)	$	1,324,680

4. 应计费用及其他负债

简明合并资产负债表中“应计费用及其他负债”列报的金额如下：


	2026年9月30日		2025年12月31日
	（单位：千）
应计薪酬和福利	$	81,870			$	88,242
专业服务	41,037			53,331
履约、运费和关税	39,432			39,720
退货负债	24,293			37,960
应付销售税/使用税和增值税	19,875			23,068
其他	60,026			58,638
应计费用及其他负债总额	$	266,533			$	300,959

5. 公允价值计量

经常性公允价值计量

截至2026年9月30日和2025年12月31日，我们所有衍生工具均归类为公允价值层级中的第2级，并在简明合并资产负债表中列报于“预付费用及其他资产”或“应计费用及其他负债”项下。截至2026年9月30日，衍生工具的公允价值为金额不重大的资产和金额不重大的负债；截至2025年12月31日亦为金额不重大的资产和金额不重大的负债。更多信息请参见附注6——衍生金融工具。

我们的现金、现金等价物和受限现金的账面金额接近其公允价值，并归类为公允价值层级中的第

1级。由于应收账款、应付账款以及流动应计费用和其他负债的期限较短，其账面金额接近入账时的公允价值，并归类为公允价值层级中的第2级。

我们的借款工具按其账面价值记入简明合并资产负债表，该价值可能与各自的公允价值不同。定期贷款B融资（定义见下文）和票据（定义见下文）归类为公允价值层级中的第1级，并按面值减去未摊销发行成本列报于简明合并资产负债表。根据目前可获得的类似借款利率，截至2026年9月30日和2025年12月31日，循环融资（定义见下文）的公允价值接近其账面价值。截至2026年9月30日和2025年12月31日，我们借款工具的账面价值和公允价值如下：


	2026年9月30日		2025年12月31日
	账面价值		公允价值		账面价值		公允价值
	（单位：千）
定期贷款B融资	$	500,000			$	503,125		$	500,000	$	504,063
2029年票据	350,000			332,677			350,000		339,304
2031年票据	350,000			315,403			350,000		323,971
循环融资	113,000			113,000			62,000		62,000

非金融资产和负债

我们的非金融资产主要包括不动产及设备、使用权资产、商誉和其他无形资产，无需按经常性基础以公允价值计量，而是按账面价值列报。

这些资产的公允价值根据第 3 级计量确定，其中包括基于历史经验、预期市场状况和管理层计划对未来现金流金额和时间的估计。我们在简明合并经营报表的“资产减值”项目中记录的减值如下：


	截至 9 月 30 日止三个月		截至 9 月 30 日止九个月
	2026		2025		2026		2025
	（单位：千）
无限期商标减值 (1)	$	—			$	—		$	—	$	430,000
商誉减值 (1)	—			—			—		307,000
租赁改良资产减值 (2)	—			—			3,301		—
信息技术系统减值 (3)	—			—			—		1,115
资产减值总额	$	—			$	—		$	3,301	$	738,115

(1) 在截至 2025 年 9 月 30 日的九个月内，我们分别确认了 HEYDUDE 无限期商标和 HEYDUDE 品牌报告单位商誉的减值费用 4.300 亿美元和 3.070 亿美元。更多信息请参阅附注 3——商誉和无形资产净额。

(2) 在截至 2026 年 9 月 30 日的九个月内，我们确认了某些 HEYDUDE 零售门店的减值费用 330 万美元。

(3) 在截至 2025 年 9 月 30 日的九个月内，我们确认了一项与停止某信息技术项目相关的 110 万美元减值。

6. 衍生金融工具

我们在多个外国实体开展业务，因此面临外币汇率风险，该风险会影响收入、费用以及某些外币货币性资产和负债的美元（“USD”）报告金额。为管理外币波动风险并降低汇率波动导致的收益波动性，我们可能会签订远期合约买卖外币。根据政策，我们不会出于交易目的或投机而签订此类合约。

由于我们签订的远期合约是在信誉良好的金融机构进行交易的场外工具，因此交易对手违约风险较低。截至 2026 年 9 月 30 日或 2025 年 12 月 31 日，我们均无须也未提供抵押品。

我们的衍生工具按公允价值记为衍生资产或负债，列示于截至 2026 年 9 月 30 日和 2025 年 12 月 31 日的简明合并资产负债表中的“预付费用及其他资产”或“应计费用及其他负债”项目。衍生工具公允价值变动的会计处理取决于衍生工具的预期用途、我们是否选择将衍生工具指定为套期关系并采用套期会计，以及该套期关系是否满足采用套期会计所需的条件。指定为套期工具并符合条件的衍生工具

用于对冲预期未来现金流变动风险敞口或其他类型预测交易的工具，被视为现金流量套期。套期会计通常使套期工具的利得或损失确认时点，与公允价值套期中归因于被套期风险的被套期资产或负债公允价值变动确认时点，或现金流量套期中被套期交易对收益的影响确认时点相匹配。我们可能签订旨在对某些风险组成部分进行经济套期的衍生品合约，即使不适用套期会计，或我们选择不采用套期会计。

在存在主净额结算安排时，我们按净额列报与同一交易对手的衍生工具。对于简明合并现金流量表，我们将结算时衍生工具产生的现金流归类到与相关被套期项目现金流相同的类别，即“经营活动提供的现金”。

截至2026年 9月 30日，我们持有未指定为套期工具的衍生品（“非套期衍生品”），包括主要用于对冲以非功能货币计价的货币性资产和负债的外币远期合约。对于非套期衍生品，公允价值变动在简明合并经营报表中的“外币收益（损失），净额”项目确认。

截至2026年 9月 30日，我们还持有现金流量套期工具（“套期衍生品”）。我们的功能货币为美元，面临各种外币汇率波动风险。具体而言，我们有以功能货币以外货币进行交易的子公司。我们使用现金流量套期来尽量降低外汇汇率波动给外部销售和外部库存采购相关现金流带来的变动。货币远期协议通过固定在指定日期交付指定金额外币的汇率来进行套期。货币远期协议通常在结算日或接近结算日时以美元现金结算其公允价值。我们还可能使用货币期权合约，根据合约，我们将支付权利金，以获得在期权到期日前出售指定金额外币的权利。

对于指定为外汇风险现金流量套期且符合条件的衍生工具，其收益或损失计入简明合并资产负债表中的“累计其他综合损失”。在被套期交易影响收益的期间，相关收益或损失随后重新分类至简明合并经营报表中的“收入”或“销售成本”，这与被套期交易的性质一致。截至2026年9月30日的三个月和九个月期间，由于将与被套期衍生工具相关的金额从“累计其他综合损失”重新分类至“收入”或“销售成本”而确认的收益并不重大。截至2025年9月30日的三个月和九个月期间，由于将与被套期衍生工具相关的金额从“累计其他综合损失”重新分类至“收入”或“销售成本”，分别确认了0.1 百万美元的损失和0.3 百万美元的收益。我们预计未来十二个月内将有0.1 百万美元的收益重新分类至简明合并经营报表。

衍生资产和负债的公允价值净额均归类为第2级，列报于简明合并资产负债表中的“预付费用及其他资产”或“应计费用及其他负债”，具体如下：


	2026年9月30日		2025年12月31日
	衍生资产		衍生负债		衍生资产		衍生负债
	（千美元）
非套期衍生工具：
远期外币兑换合约	$	—			$	(232)		$	888	$	(291)
套期衍生工具：
现金流量外币合约	475			(302)			109		(961)
衍生工具总额	475			(534)			997		(1,252)
对手方合约抵销	(55)			55			(268)		268
扣除对手方合约后的衍生工具总额	$	420			$	(479)		$	729	$	(984)

下文列示的未平仓外币远期兑换合约名义金额，报告了总美元等值头寸以及各外币头寸的合约公允价值净额。


	2026年9月30日		2025年12月31日
	名义金额		公允价值		名义金额		公允价值
	（千美元）
非套期衍生工具：
英镑	$	—			$	—		$	69,908	$	(154)
韩元	—			—			18,690		257
欧元	—			—			12,712		18
巴西雷亚尔	10,727			(40)			12,026		28
日元	5,593			(192)			7,882		354
加元	—			—			4,938		94
非套期衍生工具总额	16,320			(232)			126,156		597
套期衍生工具：
欧元	9,455			371			39,909		(279)
韩元	3,043			(223)			23,963		(494)
日元	1,139			42			9,342		109
英镑	1,332			5			7,931		(82)
澳元	1,587			(79)			7,677		(46)
加元	1,578			57			7,595		(60)
套期衍生工具总额	18,134			173			96,417		(852)
衍生工具总额	$	34,454			$	(59)		$	222,573	$	(255)

非套期衍生工具的最晚到期日	2026年10月		2026年1月
套期衍生工具的最晚到期日	2026年12月		2026年12月

简明合并经营报表中“外币收益（损失）净额”所列金额，包含外币交易和衍生品合约产生的已实现及未实现收益和损失，具体如下：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
	（以千为单位）
外币交易收益（亏损）	$	2,013			$	2,510		$	(1,866)	$	7,871
外币远期汇兑合约亏损（收益）	(737)			447			(785)		393
外币收益（亏损），净额	$	1,276			$	2,957		$	(2,651)	$	8,264

7. 借款

我们的长期借款如下：


	到期日	票面利率		实际利率		2026年9月30日		2025年12月31日
						（以千为单位）
发行本金3.5亿美元的票据	2029	4.250	%		4.64	%		$	350,000			$	350,000
发行本金3.5亿美元的票据	2031	4.125	%		4.35	%		350,000			350,000
B类定期贷款额度	2029					500,000			500,000
循环信贷额度	2027					113,000			62,000
长期借款面值总额						1,313,000			1,262,000
减：
未摊销发行成本						23,956			31,115

长期借款总额						$	1,289,044			$	1,230,885

截至2026年9月30日和2025年12月31日，与借款相关的应计利息分别为290万美元和1020万美元，列报于简明合并资产负债表的“应付账款”中。

优先循环信贷额度

本公司及其若干子公司（“借款人”）是信贷协议（经修订后称为“循环信贷协议”）的签约方，该协议提供总承诺额为10亿美元的优先担保循环信贷额度（“循环额度”）。根据循环信贷协议条款及贷款人承诺，借款人可在满足若干条件的前提下，将循环额度的承诺额增加最多4亿美元。循环额度将于2027年11月到期。

截至2026年9月30日，我们有1.13亿美元未偿借款和60万美元未偿信用证，这减少了循环额度下的可用额度。截至2026年9月30日和2025年12月31日，循环额度下的可用额度分别为8.864亿美元和9.374亿美元。

B类定期贷款额度

本公司是信贷协议（经修订后称为“B类定期贷款信贷协议”）的签约方，该协议提供优先担保定期贷款额度（“B类定期贷款额度”）。截至2026年9月30日，B类定期贷款额度已全部提取，没有剩余借款能力；该额度下未偿还本金为5亿美元。

亚洲循环信贷额度

本公司与花旗银行（中国）有限公司上海分行设有循环信贷额度（“亚洲循环额度”），可提供最高1500万美元（或等值当地货币）的借款额度。截至2026年9月30日和2025年12月31日，亚洲循环额度下均无未偿借款。

优先票据发行

本公司有本金总额3.5亿美元、利率为4.250%、于2029年3月15日到期的优先票据（“2029年票据”）未偿。此外，本公司有本金总额3.5亿美元、利率为4.125%、于2031年8月15日到期的优先票据（“2031年票据”）未偿。2029年票据和2031年票据（统称“票据”）均按半年付息。

截至2026年9月30日，本公司遵守了所有财务契约。

8. 普通股回购计划

截至2026年9月30日的三个月内，我们以2.50亿美元的成本（含佣金）回购了200万股普通股。截至2026年9月30日的九个月内，我们以5.006亿美元的成本（含佣金）回购了440万股普通股。截至2025年9月30日的三个月内，我们以2.029亿美元的成本（含佣金）回购了240万股普通股。截至2025年9月30日的九个月内，我们以3.970亿美元的成本（含佣金）回购了440万股普通股。

截至2026年9月30日和2025年12月31日，我们分别计提了460万美元和550万美元的股票回购消费税，列示于简明合并资产负债表的“应计费用及其他负债”和“库存股”项目中。

截至2026年9月30日，在债务协议限制的约束下，我们仍获授权回购价值17亿美元的普通股。

9. 收入

按可报告经营分部、地区和渠道划分的收入如下：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
	（单位：千）
Crocs 品牌：
北美：
批发	$	137,226			$	144,353		$	428,172	$	481,563
直接面向消费者	301,143			303,352			814,856		791,789
北美合计(1)	438,369			447,705			1,243,028		1,273,352
国际：
批发	225,139			220,003			821,514		824,276
直接面向消费者	209,213			168,521			576,032		459,799
国际合计	434,352			388,524			1,397,546		1,284,075
Crocs 品牌合计	$	872,721			$	836,229		$	2,640,574	$	2,557,427

Crocs 品牌：
批发合计	$	362,365			$	364,356		$	1,249,686	$	1,305,839
直接面向消费者合计	510,356			471,873			1,390,888		1,251,588
Crocs 品牌合计	872,721			836,229			2,640,574		2,557,427
HEYDUDE 品牌：
批发	79,087			69,402			245,053		279,855
直接面向消费者	90,775			90,670			257,881		245,725
HEYDUDE 品牌合计(2)	169,862			160,072			502,934		525,580
合并收入总额	$	1,042,583			$	996,301		$	3,143,508	$	3,083,007

(1) 北美包括美国和加拿大。

(2) HEYDUDE 品牌的绝大部分收入来自北美。

10. 所得税

所得税费用和有效税率如下：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
	（单位：千，税率除外）
税前收入（亏损）	$	277,434			$	189,428			$	720,201		$	(54,240)
所得税费用	60,679			43,612			161,003			132,123
有效税率	21.9	%		23.0	%		22.4	%		(243.6	%)

截至2026年9月30日的三个月内，所得税费用较2025年同期增加了1,710万美元。截至2026年9月30日的三个月，有效税率为21.9%，而2025年同期为23.0%。有效税率的变化是由于国内和国外收益构成发生变化。所列各期间的有效所得税率也因美国和外国司法管辖区之间所得税税率存在差异而不同于美国联邦法定税率。

截至2026年9月30日的九个月内，所得税费用较2025年同期增加2,890万美元。截至2026年9月30日的九个月，有效税率为22.4%，而2025年同期为(243.6)%。有效税率的变化是由于本年度迄今产生所得税费用，而2025年同期所得税前收入（亏损）受到HE YDUDE无限期商标和HEYDUDE品牌报告单位商誉减值的影响。由于此前年度的一项实体内交易，知识产权的税务价值须重新评估，因此知识产权减值不会产生类似的税务影响。各列报期间的有效所得税率与美国联邦法定税率也存在差异，这是由于美国与外国司法管辖区的所得税税率不同。

支柱二全球最低税

经济合作与发展组织（“OECD”）发布了支柱二示范规则，为大型跨国公司引入按国家/地区逐一适用的15%全球最低税率。我们经营所在的多个司法管辖区已颁布相关立法。2026年1月，OECD发布了补充指南，将美国母公司排除在支柱二税项的大部分适用范围之外，具体包括自2026年起生效的所得纳入规则和低税利润规则。我们正在关注这些法律的后续发展及其对本公司的潜在影响。我们预计支柱二规则不会对2026年合并财务报表产生重大影响。

H.R.1税法法案

2025年7月4日，H.R.1.签署成为法律，对2017年《减税与就业法案》的若干条款进行了修订和延长。与本公司相关的主要变化包括恢复100%额外折旧、允许扣除国内研发费用，以及修改国际税收条款。本公司于2026年适用了新税法的相关条款，该法案对我们2026年合并财务报表没有产生重大影响。

11. 每股收益

截至2026年和2025年9月30日的三个月和九个月的普通股基本及稀释每股收益（“EPS”）如下：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
	（单位：千，股份数据除外）
分子：
净收入（亏损）	$	216,755			$	145,816		$	559,198	$	(186,363)
分母：
加权平均已发行普通股数——基本	47,413			53,641			48,925		55,169
加：股票期权和未归属限制性股票单位的稀释影响	541			348			493		—
加权平均已发行普通股数——稀释	47,954			53,989			49,418		55,169

普通股每股净收入（亏损）：
基本	$	4.57			$	2.72		$	11.43	$	(3.38)
稀释	$	4.52			$	2.70		$	11.32	$	(3.38)

截至2026年9月30日的三个月和九个月内，通过基于股份的薪酬奖励发行的少量流通股具有反稀释性，因此未纳入稀释每股收益的计算。截至2025年9月30日的三个月和九个月内，通过基于股份的薪酬奖励发行的流通股中，分别有0.1 million和0.5 million具有反稀释性。因此，我们将这些反稀释奖励排除在稀释每股收益的计算之外。

12. 承诺和或有事项

采购承诺

截至2026年9月 30日，我们对第三方制造商有采购承诺，主要涉及用于制造产品的材料和用品，承诺总额为$307.5 million。我们预计将在正常业务过程中履行这些协议项下的承诺，因此未记录任何负债。

其他

我们经常受到美国及多个外国司法管辖区税务机关的审计，目前也正在接受相关审计，审计内容包括以往纳税年度的关税、进口税及其他税项。

在正常业务过程中，我们可能会作出某些赔偿、承诺和担保，并可能因此需要就特定事项付款。我们无法确定未来估计付款的范围，也未在随附的简明合并资产负债表中记录此类付款的任何负债。

有关政府税务审计及

其他当前法律诉讼相关的潜在损失或有事项，详见附注14——法律诉讼。

13. 经营分部

我们有两个可报告经营分部：Crocs 品牌和 HEYDUDE 品牌。每个可报告经营分部均通过向外部客户销售鞋类和配饰获得收入。

Additionally, ‘Enterprise corporate’ costs include global corporate costs associated with both brands, including legal, information technology, human resources, and finance.

Table of Contents

Each segment’s performance is evaluated based on segment results without allocating Enterprise corporate expenses. Segment profits or losses include adjustments to eliminate inter-segment sales. Reconciling items between segment income from operations and income from operations consist of unallocated Enterprise corporate expenses. Our chief operating decision maker is Andrew Rees, Chief Executive Officer. Mr. Rees uses income from operations as a measure of profit or loss. Mr. Rees considers the performance of these measures against management expectations when making decisions about the allocation of operating and capital resources to each segment.

We do not report asset information by segment because that information is not used to evaluate performance or allocate resources between segments.

The following tables set forth information related to reportable operating segments:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
	(in thousands)
Crocs Brand:
Revenues	$	872,721			$	836,229		$	2,640,574	$	2,557,427
Cost of sales	273,840			319,342			959,516		963,234
Selling, general and administrative expenses	264,535			244,168			741,473		689,475
Income from operations	334,346			272,719			939,585		904,718
HEYDUDE Brand:
Revenues	169,862			160,072			502,934		525,580
Cost of sales	76,308			92,402			264,583		280,673
Selling, general and administrative expenses	55,532			60,920			158,558		183,859
Asset impairments	—			—			3,301		737,000
Income (loss) from operations	38,022			6,750			76,492		(675,952)
Total segment income from operations	$	372,368			$	279,469		$	1,016,077	$	228,766
Reconciliation of segment income from operations to income (loss) before income taxes:
Enterprise corporate costs	$	(80,441)			$	(71,809)		$	(237,628)	$	(225,648)
Foreign currency gains (losses), net	1,276			2,957			(2,651)		8,264
Interest income	3,343			531			4,261		1,235
Interest expense	(19,059)			(21,711)			(59,427)		(67,000)
Other (expense) income, net	(53)			(9)			(431)		143
Income (loss) before income taxes	$	277,434			$	189,428		$	720,201	$	(54,240)

Depreciation and amortization: (1)
Crocs Brand	$	10,663			$	10,269		$	31,112	$	29,274
HEYDUDE Brand	5,963			6,108			17,911		17,299
Enterprise corporate	3,963			3,949			11,852		11,764
Total consolidated depreciation and amortization	$	20,589			$	20,326		$	60,875	$	58,337

(1) The amounts of depreciation and amortization disclosed by reportable segment and ‘Enterprise corporate’ are included within ‘Cost of sales’ and ‘Selling, general and administrative expenses.’

Table of Contents

14. LEGAL PROCEEDINGS

On January 22, 2025, a putative class action lawsuit titled Carretta v. Crocs, Inc., et al., Case No. 1:25-cv-00096, was filed in the District Court for the District of Delaware against the Company and certain of its current officers. On December 15, 2025, lead plaintiffs filed an amended complaint on behalf of a purported class consisting of all purchasers of the Company’s common stock between August 4, 2022, and October 28, 2024, inclusive. The amended complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 based on allegedly false and misleading statements related to the Company’s wholesaler inventory and its alleged impact on the Company’s revenue. The amended complaint seeks unspecified damages, an award of costs and expenses, and other unspecified relief.

Four purported shareholders of the Company have filed derivative actions against certain of its current directors and officers, as well as the Company as a nominal defendant, alleging claims for breach of fiduciary duties, aiding and abetting breach of fiduciary duties, unjust enrichment, insider trading, waste of corporate assets, abuse of control, and gross mismanagement related to the Company’s wholesaler inventory and its alleged impact on the Company’s revenue. They seek damages and changes to the Company’s corporate governance structure. See James O’Connor v. Smach, et. al., C.A. No. 1:25-cv-00576 (D. Colo.); The Berger Trust v. Rees, et. al., C.A. No. 1:25-cv-00597 (D. Colo.); Sarabia v. Rees, et. al., C.A. No. 2025CV30069 (Dist. Ct. Broomfield Cnty., Colo.); Lesanto v. Bickley, et. al., C.A. No. 2025CV30071 (Dist. Ct. Broomfield Cnty., Colo.).

The Company and its directors and officers intend to vigorously defend these actions in all respects. The Company is not in a position to assess the likelihood of any potential loss or adverse effect on its financial condition or to estimate the amount or range of potential loss, if any, from these actions at this time.

For legal claims and disputes, we have accrued estimated losses of $0.6 million within ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheet as of September 30, 2026. As we are able, we estimate reasonably possible losses or a range of reasonably possible losses. As of September 30, 2026, we estimated that reasonably possible losses associated with these claims and other disputes were an insignificant amount.

Although we are subject to other litigation from time to time in the ordinary course of business, including employment, intellectual property, and product liability claims, other than as set forth above, we are not party to any other pending legal proceedings that we believe would reasonably have a material adverse impact on our business, financial results, and cash flows.

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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Business Overview

Crocs, Inc. and our consolidated subsidiaries (collectively the “Company,” “we,” “us,” or “our”) are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for all. We strive to be the world leader in innovative casual footwear for all, combining comfort and style with a value that consumers want.

Known or Anticipated Trends

Based on our recent operating results and current perspectives on our operating environment, we anticipate certain trends will continue to impact our operating results:

•We continue to operate in an environment where consumers are feeling the effects of elevated interest rates, inflation, and future expected price increases, among other things, and as a result, there is more pressure on discretionary spending. Given this, our wholesale partners are also acting cautiously. In addition, geopolitical tensions have remained elevated across the globe and are having an adverse impact on the global economy. Most recently, the conflict in the Middle East has caused, and may continue to cause, a reduction in our revenues for several of our distributor markets and an increase in the costs of raw materials and transportation associated with elevated oil prices. Furthermore, as of September 30, 2026, the United States (“U.S.”) has imposed tariffs on foreign imports from multiple countries ranging from 10% to 12.5%, including countries most relevant to us such as Vietnam, China, Indonesia, India, and Cambodia. On February 20, 2026, the United States Supreme Court ruled the President did not have the requisite authority to impose tariffs under the International Emergency Economic Powers Act (“IEEPA”). On March 4, 2026, the Court of International Trade ordered U.S. Customs and Border Protection to begin the refund process for all importers who were subject to IEEPA duties. While the timing remains uncertain, we currently estimate that we are eligible to receive a total of approximately $75 million to $80 million in refunds related to these tariffs, including interest. As of September 30, 2026, we received approximately $67 million of IEEPA tariff refunds, including interest. Of this amount, approximately $64 million of benefit is recorded within ‘Cost of sales’ and approximately $3 million of benefit is recorded within ‘Interest income’ in the condensed consolidated statements of operations during the three months ended September 30, 2026. These refunds are non-recurring. The tariffs that remain in effect continue to increase our product costs. At this time, it remains unclear what additional actions, if any, will be taken by the U.S. or other governments with respect to international trade agreements, the imposition of additional tariffs on goods imported into the U.S., tax policy related to international commerce, increased export control, sanctions and investment restrictions, trade matters, war, or foreign policy in general. We are continuing to monitor developments with respect to these policy changes and proposals.

•We continue to make progress on our long-term strategic initiatives, including prioritizing growth in North America for both brands. Specifically for the Crocs Brand, we believe this will be driven by product innovation, diversification within key product categories, including growth within our sandals business, and ultimately prioritizing stricter segmentation and pricing discipline across the marketplace. For the HEYDUDE Brand, we are focused on our core consumer, refining our product offering within the slip-on category, and refreshing the marketplace. For both brands, scaling digital capabilities continues to be a priority.

•Our liquidity position remains strong with $163.5 million in cash and cash equivalents and $901.4 million in available borrowing capacity as of September 30, 2026. Our total borrowings were $1.3 billion as of September 30, 2026. We repurchased $250.0 million of our common stock during the quarter.

Use of Non-GAAP Financial Measures

In addition to financial measures presented on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”), we present certain information related to our 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 U.S. GAAP. Constant currency represents current period results that have been retranslated using prior year average foreign exchange rates for the comparative period to enhance the visibility of the underlying business trends, excluding the impact of foreign currency exchange rates on reported amounts.

Management uses constant currency to assist in comparing business trends from period to period on a consistent basis in communications with the Board, stockholders, analysts, and investors concerning our financial performance. We believe constant currency is useful to investors and other users of our condensed consolidated financial statements as an additional tool

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to evaluate operating performance and trends. Investors should not consider constant currency in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.

Key Performance Indicators

Management utilizes the key performance metrics of gross margin and operating margin to gauge the Company’s operational efficiency and market competitiveness, identify trends, formulate financial projections, and make strategic decisions. Management continuously monitors and analyzes these metrics in an effort to ensure we remain agile, competitive, and aligned with our long-term growth objectives. The titles and/or definitions of certain of these metrics may vary from company to company. As a result, our calculation of certain of these metrics may not be comparable to similarly titled metrics used by other companies.

Gross Margin

Gross margin is defined as gross profit divided by revenues. Management uses this metric and believes it is useful for investors because it provides insights into profitability, cost management, and pricing strategy.

Operating Margin

Operating margin is defined as income from operations divided by revenues. Management uses this metric and believes it is useful for investors because it provides a comprehensive view of profitability from its core business operations, excluding the effects of financing and tax considerations.

Third Quarter 2026 Financial and Operational Highlights

Revenues were $1,042.6 million for the third quarter of 2026, a 4.6% increase compared to the third quarter of 2025. The increase was due to the net effects of: (i) higher unit sales volume in both brands, which resulted in an increase in revenues of $37.6 million, or 3.8%; (ii) higher average selling price on a constant currency basis (“ASP”) driven by the Crocs Brand, which increased revenues by $9.0 million, or 0.9%; and (iii) net changes in exchange rates, which were approximately flat.

The following were significant developments affecting our businesses and capital structure during the three months ended September 30, 2026:

•Crocs Brand revenues increased by 4.4% on a reported and constant currency basis, compared to the same period in 2025. HEYDUDE Brand revenues increased 6.1%, or 6.2% on a constant currency basis, compared to the same period in 2025.

•Gross margin was 66.2%, an increase of 770 basis points from last year’s third quarter, primarily due to IEEPA refunds and lower duties for both brands. Favorable channel mix and lower product costs in the Crocs Brand also contributed to the increase, partially offset by unfavorable product mix in the Crocs Brand.

•Selling, general and administrative expenses (“SG&A”) were $397.8 million compared to $375.3 million in the third quarter of 2025, primarily due to higher costs in the direct-to-consumer (“DTC”) channel, including investments in the channel driven by the Crocs Brand. Higher compensation and marketing costs for the Crocs Brand also contributed to the increase. As a percent of revenues, SG&A increased to 38.2% of revenues compared to 37.7% of revenues in the third quarter of 2025.

•Income from operations increased to $291.9 million from $207.7 million in last year’s third quarter. Net income was $216.8 million, or $4.52 per diluted share, compared to $145.8 million, or $2.70 per diluted share, in last year’s third quarter.

Results of Operations


	Three Months Ended September 30,		Nine Months Ended September 30,		% Change Favorable (Unfavorable)
	2026		2025		2026		2025		Q3 2026-2025		YTD 2026-2025
	($ in thousands, except per share data)
Revenues	$	1,042,583		$	996,301		$	3,143,508		$	3,083,007		4.6	%	2.0	%
Cost of sales	352,849		413,293		1,230,122		1,249,614		14.6	%		1.6	%
Gross profit	689,734		583,008		1,913,386		1,833,393		18.3	%		4.4	%
Selling, general and administrative expenses	397,807		375,348		1,131,636		1,092,160		(6.0)	%		(3.6)	%
Goodwill impairment	—		—		—		307,000		—	%		100.0	%
Asset impairments	—		—		3,301		431,115		—	%		99.2	%
Income from operations	291,927		207,660		778,449		3,118		40.6	%		24,866.3	%
Foreign currency gains (losses), net	1,276		2,957		(2,651)		8,264		(56.8)	%		(132.1)	%
Interest income	3,343		531		4,261		1,235		529.6	%		245.0	%
Interest expense	(19,059)		(21,711)		(59,427)		(67,000)		12.2	%		11.3	%
Other (expense) income, net	(53)		(9)		(431)		143		(488.9)	%		(401.4)	%
Income (loss) before income taxes	277,434		189,428		720,201		(54,240)		46.5	%		1,427.8	%
Income tax expense	60,679		43,612		161,003		132,123		(39.1)	%		(21.9)	%
Net income (loss)	$	216,755		$	145,816		$	559,198		$	(186,363)		48.6	%	400.1	%
Net income (loss) per common share:
Basic	$	4.57			$	2.72			$	11.43			$	(3.38)		68.0	%	438.2	%
Diluted	$	4.52			$	2.70			$	11.32			$	(3.38)		67.4	%	434.9	%

Gross margin (1)	66.2	%		58.5	%		60.9	%		59.5	%		770	bp	140	bp
Operating margin (1)	28.0	%		20.8	%		24.8	%		0.1	%		720	bp	2,470	bp

(1) Changes for gross margin and operating margin are shown in basis points (“bp”).

Revenues By Channel


	Three Months Ended September 30,		Nine Months Ended September 30,		% Change		Constant Currency % Change (1)
			Favorable (Unfavorable)
	2026		2025		2026		2025	Q3 2026-2025		YTD 2026-2025	Q3 2026-2025		YTD 2026-2025
	(in thousands)
Crocs Brand:
Wholesale	$	362,365			$	364,356		$	1,249,686		$	1,305,839			(0.5)	%		(4.3)	%		(0.4)	%	(5.5)	%
Direct-to-consumer	510,356			471,873			1,390,888		1,251,588		8.2	%		11.1	%		8.2	%		10.2	%
Total Crocs Brand	872,721			836,229			2,640,574		2,557,427		4.4	%		3.3	%		4.4	%		2.3	%
HEYDUDE Brand:
Wholesale	79,087			69,402			245,053		279,855		14.0	%		(12.4)	%		14.1	%		(12.9)	%
Direct-to-consumer	90,775			90,670			257,881		245,725		0.1	%		4.9	%		0.2	%		4.9	%
Total HEYDUDE Brand	169,862			160,072			502,934		525,580		6.1	%		(4.3)	%		6.2	%		(4.6)	%
Total consolidated revenues	$	1,042,583			$	996,301		$	3,143,508		$	3,083,007			4.6	%		2.0	%		4.6	%	1.1	%

(1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” above for more information.

Revenues. In the three months ended September 30, 2026, revenues increased compared to the same period in 2025, primarily due to higher unit sales volume of $37.6 million, or 3.8%, driven by both brands and higher ASP of $9.0 million, or 0.9%, driven by increased pricing in both brands and favorable channel mix in the Crocs Brand, partially offset by unfavorable channel mix in the HEYDUDE Brand and unfavorable product mix in both brands. Net foreign currency fluctuations were approximately flat.

Revenues also increased in the nine months ended September 30, 2026, primarily due to higher ASP of $89.3 million, or 2.9%, driven by favorable channel mix and increased pricing in both brands, partially offset by unfavorable product mix in both brands. Net foreign currency fluctuations also increased revenues by $27.7 million, or 0.9%, primarily due to favorable fluctuations in the Chinese Yuan and Euro, partially offset by unfavorable fluctuations in the South Korean Won, Indian Rupee, and Japanese Yen. The overall increase in revenues was partially offset by lower unit sales volume of $56.5 million, or 1.8%, driven by both brands.

Gross margin. Gross margin increased in the three months ended September 30, 2026, to 66.2% compared to 58.5% in the same period in 2025, primarily due to IEEPA refunds of 630 basis points, lower duties of 130 basis points, favorable channel mix of 70 basis points, and lower product costs in the Crocs Brand of 40 basis points, partially offset by unfavorable product mix in the Crocs Brand of 130 basis points.

Gross margin in the nine months ended September 30, 2026, was 60.9% compared to 59.5% in 2025. This was primarily driven by IEEPA refunds of 210 basis points, favorable channel mix of 50 basis points, and lower product costs in the Crocs Brand of 50 basis points, partially offset by unfavorable product mix in the Crocs Brand of 110 basis points and incremental duties of 40 basis points.

Selling, general and administrative expenses. SG&A increased $22.5 million, or 6.0%, during the three months ended September 30, 2026, compared to the same period in 2025, primarily due to higher DTC costs of $9.2 million, driven by increased share of marketplaces and rent expense as a result of investments in the channel. Increased compensation costs of $3.7 million, increased variable marketing costs driven by the Crocs Brand of $3.7 million, and other net increases in other costs of $5.9 million also contributed to the increase.

SG&A expenses increased $39.5 million, or 3.6%, during the nine months ended September 30, 2026, compared to the same period in 2025, primarily due to higher DTC costs of $29.4 million, driven by increased share of marketplaces and rent expense as a result of investments in the channel. Increased compensation costs of $9.8 million and other net increases in other costs of $9.3 million also contributed to the increase. The overall increase in SG&A was partially offset by reduced marketing costs of $9.0 million, driven by the HEYDUDE Brand as part of our previously announced cost savings initiatives.

Goodwill and Asset impairments. In the three months ended September 30, 2026, and 2025, there were no impairments. During the nine months ended September 30, 2026, there were impairment charges of $3.3 million related to HEYDUDE leasehold improvement assets. Impairments were $738.1 million during the nine months ended September 30, 2025, primarily due to non-cash impairment charges of $430.0 million related to the indefinite-lived HEYDUDE trademark and $307.0 million for HEYDUDE Brand reporting unit goodwill. For additional information, refer to Note 3 — Goodwill and Intangible Assets, Net in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q.

Foreign currency gains (losses), net. Foreign currency gains (losses), net, consist of realized and unrealized foreign currency gains and losses from the remeasurement and settlement of monetary assets and liabilities denominated in non-functional currencies as well as realized and unrealized gains and losses on foreign currency derivative instruments. During the three months ended September 30, 2026, we recognized realized and unrealized net foreign currency gains of $1.3 million compared to gains of $3.0 million during the three months ended September 30, 2025.

During the nine months ended September 30, 2026, we recognized realized and unrealized net foreign currency losses of $2.7 million compared to gains of $8.3 million during the nine months ended September 30, 2025.

Interest Income. Interest income during the three months ended September 30, 2026, increased $2.8 million compared to the three months ended September 30, 2025. Interest income during the nine months ended September 30, 2026, increased $3.0 million compared to the nine months ended September 30, 2025. The increase in interest income for the three and nine months ended September 30, 2026, was due to interest on IEEPA tariff refunds received during the three months ended September 30, 2026 that were not present in the prior year.

Interest expense. Interest expense during the three months ended September 30, 2026, decreased $2.7 million, or 12.2%, compared to the three months ended September 30, 2025. Interest expense during the nine months ended September 30, 2026, decreased $7.6 million, or 11.3%, compared to the nine months ended September 30, 2025. The decrease in interest expense for the three and nine months ended September 30, 2026, was due to lower outstanding borrowings on the Revolving Facility (as defined herein) and lower weighted average interest rates on the Term Loan B Facility (as defined herein) and the Revolving Facility in the current year.

Income tax expense. During the three months ended September 30, 2026, income tax expense increased $17.1 million compared to the same period in 2025. The effective tax rate for the three months ended September 30, 2026, was 21.9% compared to an effective tax rate of 23.0% for the same period in 2025. The change in the effective tax rate was the result of a shift in the mix of our domestic and foreign earnings. Our effective income tax rate, for each period presented, also differs from the federal U.S. statutory rate due to differences in income tax rates between U.S. and foreign jurisdictions.

During the nine months ended September 30, 2026, income tax expense increased $28.9 million compared to the same period in 2025. The effective tax rate for the nine months ended September 30, 2026, was 22.4% compared to an effective tax rate of (243.6)% for the same period in 2025. The change in the effective tax rate was the result of year-to-date tax expense compared to the impact of the income (loss) before income taxes related to the impairments of the indefinite-lived HEYDUDE trademark and HEYDUDE Brand reporting unit goodwill in the nine months ended September 30, 2025. As a result of a prior year intra-entity transaction, the value of the intellectual property for tax purposes is subject to revaluation and therefore there are not similar impacts for tax as a result of the intellectual property impairment. Our effective income tax rate, for each period presented, also differs from the federal U.S. statutory rate due to differences in income tax rates between U.S. and foreign jurisdictions.

Reportable Operating Segments

The following table sets forth information related to our reportable operating segments, including a comparison of revenues and operating income by segment:


	Three Months Ended September 30,		Nine Months Ended September 30,		% Change		Constant Currency % Change (1)
			Favorable (Unfavorable)
	2026		2025		2026		2025	Q3 2026-2025		YTD 2026-2025	Q3 2026-2025		YTD 2026-2025
	(in thousands)
Revenues:
Crocs Brand revenues	$	872,721			$	836,229		$	2,640,574		$	2,557,427			4.4	%		3.3	%		4.4	%	2.3	%
HEYDUDE Brand revenues	169,862			160,072			502,934		525,580		6.1	%		(4.3)	%		6.2	%		(4.6)	%
Total consolidated revenues	$	1,042,583			$	996,301		$	3,143,508		$	3,083,007			4.6	%		2.0	%		4.6	%	1.1	%

Income from operations:
Crocs Brand income from operations	$	334,346			$	272,719		$	939,585		$	904,718			22.6	%		3.9	%		23.5	%	3.2	%
HEYDUDE Brand income (loss) from operations	38,022			6,750			76,492		(675,952)		463.3	%		111.3	%		445.9	%		110.9	%
Enterprise corporate	(80,441)			(71,809)			(237,628)		(225,648)		(12.0)	%		(5.3)	%		(10.0)	%		(4.2)	%
Total consolidated income from operations	$	291,927			$	207,660		$	778,449		$	3,118			40.6	%		24,866.3	%		41.9	%	24,661.0	%

(1) Reflects year over year change as if the current period results were in constant currency, which is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” for more information.

Crocs Brand

Revenues. Crocs Brand revenues increased in the three months ended September 30, 2026, compared to the same period in 2025, primarily due to higher unit sales volume. Higher ASP, driven by price increases in international markets and favorable channel mix, partially offset by unfavorable product mix, also contributed to the increase. Net foreign currency fluctuations were approximately flat.

The increase in Crocs Brand revenues in the nine months ended September 30, 2026, compared to the same period in 2025 is primarily due to higher ASP, due to favorable channel mix and price increases in international markets, partially offset by unfavorable product mix. Net foreign currency fluctuations also increased revenues, primarily due to favorable fluctuations in the Chinese Yuan and Euro, partially offset by unfavorable fluctuations in the South Korean Won, Indian Rupee, and Japanese Yen. The overall increase was partially offset by lower unit sales volume.

Income from Operations. Income from operations for our Crocs Brand segment was $334.3 million for the three months ended September 30, 2026, an increase of $61.6 million, or 22.6%, compared to the same period in 2025. Gross margin was 68.6%, an increase of 680 basis points, primarily due to IEEPA refunds, lower duties, favorable channel mix, and lower product costs, partially offset by unfavorable product mix.

SG&A for our Crocs Brand segment increased $20.4 million, or 8.3%, during the three months ended September 30, 2026, compared to the same period in 2025. This increase was primarily due to higher costs in the DTC channel, driven by increased share of marketplaces and rent expense as a result of investments in the channel. Higher marketing and compensation costs also contributed to the increase.

During the nine months ended September 30, 2026, income from operations for our Crocs Brand was $939.6 million, an increase of $34.9 million, or 3.9%, compared to the same period in 2025. Gross margin was 63.7%, an increase of 140 basis points, primarily due to IEEPA refunds, favorable channel mix, and lower product costs, partially offset by unfavorable product mix and incremental duties.

SG&A for our Crocs Brand increased $52.0 million, or 7.5%, during the nine months ended September 30, 2026, compared to the same period in 2025, primarily due to higher costs in the DTC channel, driven by increased share of marketplaces and rent expense as a result of investments in the channel. Higher marketing and compensation costs also contributed to the increase.

HEYDUDE Brand

Revenues. For the three months ended September 30, 2026, HEYDUDE Brand revenues increased compared to the same period in 2025, primarily due to higher unit sales volume. The overall increase in revenues was partially offset by lower ASP, primarily due to unfavorable channel and product mix, partially offset by reduced discounting.

During the nine months ended September 30, 2026, revenues decreased compared to the same period in 2025, primarily due to lower unit sales volume. The overall decrease in revenues was partially offset by higher ASP, primarily due to reduced discounting and favorable channel mix, partially offset by unfavorable product mix.

Income from Operations. Income from operations for the HEYDUDE Brand segment was $38.0 million for the three months ended September 30, 2026, an increase of $31.3 million, compared to the same period in 2025. Gross margin was 55.1%, an increase of 1,280 basis points, primarily due to IEEPA refunds and lower duties.

SG&A, including impairments, for the HEYDUDE Brand segment decreased $5.4 million, or 8.8%, during the three months ended September 30, 2026, compared to the same period in 2025. This decrease was primarily due to reduced compensation costs and reduced marketing costs, primarily in fixed marketing.

Income from operations for the HEYDUDE Brand was $76.5 million for the nine months ended September 30, 2026, an increase of $752.4 million, compared to the same period in 2025. Gross margin was 47.4%, an increase of 80 basis points, primarily due to IEEPA refunds and higher ASP, partially offset by unfavorable product mix.

SG&A, including impairments, for the HEYDUDE Brand decreased $759.0 million, or 82.4%, during the nine months ended September 30, 2026, compared to the same period in 2025. This decrease was primarily due to the partial impairment of the indefinite-lived HEYDUDE trademark and HEYDUDE Brand reporting unit goodwill in the second quarter of 2025, that did not recur in the current year, partially offset by current year impairment charges related to HEYDUDE leasehold improvement assets. Reduced costs for both fixed and variable marketing also contributed to the decrease.

Enterprise Corporate

During the three months ended September 30, 2026, total net costs within ‘Enterprise corporate’ increased $8.6 million, or 12.0%, compared to the same period in 2025. This was primarily due to increased compensation costs and other corporate costs. These increases were partially offset by decreases resulting from our cost savings initiatives.

During the nine months ended September 30, 2026, total net costs within ‘Enterprise corporate’ increased $12.0 million, or 5.3%, compared to the same period in 2025. This was primarily due to increased compensation costs and other corporate costs. These increases were partially offset by decreases resulting from our cost savings initiatives.

Store Locations

As of September 30, 2026, we had 500 company-operated retail locations for the Crocs Brand, inclusive of 208 retail locations in North America and 292 retail locations internationally. As of September 30, 2026, we had 78 company-operated retail locations for the HEYDUDE Brand. As of September 30, 2025, we had 427 company-operated retail locations for the Crocs Brand, inclusive of 199 retail locations in North America and 228 retail locations internationally. As of September 30, 2025, we had 75 company-operated retail locations for the HEYDUDE Brand.

Financial Condition, Capital Resources, and Liquidity

Liquidity

Our liquidity position as of September 30, 2026, was:


	September 30, 2026
	(in thousands)
Cash and cash equivalents	$	163,457
Available borrowings	901,416

As of September 30, 2026, we had $163.5 million in cash and cash equivalents, $1.3 billion of outstanding borrowings, and up to $901.4 million of available borrowings on our credit facilities as further discussed in Note 7 — Borrowings in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q.

We believe that cash flows from operations, our cash and cash equivalents on hand, and available borrowings under our Revolving Facility will be sufficient to meet our ongoing liquidity needs and capital expenditure requirements for at least the next twelve months.

Additional future financing may be necessary to fund our operations and there can be no assurance that, if needed, we will be able to secure additional debt or equity financing on terms acceptable to us or at all. Although we believe we have adequate sources of liquidity over the long term, the success of our operations, global economic conditions, and the pace of sustainable growth in our markets, among other things, could each impact our business and liquidity.

Certain of our debt agreements contain covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to incur additional debt or issue certain preferred stock; pay dividends or repurchase or redeem capital stock or make other restricted payments; declare or pay dividends or other payments; incur liens; enter into certain types of transactions with the Company’s affiliates; and consolidate or merge with or into other companies. As of September 30, 2026, we were in compliance with all financial covenants under our existing debt agreements.

Repatriation of Cash and Cash Equivalents

As a global business, we have cash balances in various countries and amounts are denominated in various currencies. Fluctuations in foreign currency exchange rates impact our results of operations and cash positions. Future fluctuations in foreign currencies may have a material impact on our cash flows and capital resources. Cash balances held in foreign countries may have additional restrictions and covenants associated with them which could adversely impact our liquidity and our ability to timely access and transfer cash balances between entities.

All of the cash held outside of the U.S. could be repatriated to the U.S. as of September 30, 2026, without incurring additional U.S. federal income taxes. In some countries, repatriation of certain foreign balances is restricted by local laws. These limitations may affect our ability to fully utilize our cash resources for needs in the U.S. or other countries and could adversely affect our liquidity. As of September 30, 2026, we held $88.9 million of our total $163.5 million in cash and cash equivalents in international locations. This cash is primarily used for the ongoing operations of the business in the locations in which the cash is held. Of the $88.9 million, an insignificant amount is currently restricted by local laws or otherwise.

Cash Flows


	Nine Months Ended September 30,		$ Change		% Change
	2026		2025		Favorable (Unfavorable)
	(in thousands)
Cash provided by operating activities	$	561,189			$	457,901		$	103,288		22.6	%
Cash used in investing activities	(53,615)			(45,120)			(8,495)		(18.8)	%
Cash used in financing activities	(472,532)			(444,398)			(28,134)		(6.3)	%
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(2,000)			5,462			(7,462)		(136.6)	%
Net change in cash, cash equivalents, and restricted cash	$	33,042			$	(26,155)		$	59,197		226.3	%

Operating Activities. Cash provided by operating activities consists of net income adjusted for non-cash items and changes in working capital. Cash provided by operating activities increased $103.3 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, driven by net increases in cash related to changes in operating assets and liabilities of $86.3 million, primarily due to the change in income taxes and accounts payable, and an increase in net income, adjusted for non-cash items, of $17.0 million. The change in income taxes is due to timing of payments and refunds. The change in accounts payable is due to increased inventory purchases to match demand.

Investing Activities. There was an $8.5 million increase in cash used in investing activities for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, due to an increase in purchases of property, equipment, and software.

Financing Activities. Cash used in financing activities increased by $28.1 million for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. The increase in cash used in financing activities was primarily due to an increase of $104.0 million in repurchases of common stock and other increases in cash used of $13.1 million. The overall increase in cash used was partially offset by a net increase in proceeds from borrowings of $89.0 million.

Contractual Obligations

There have been no significant changes to the contractual obligations reported in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, other than borrowings and repayments on our debt.

Off-Balance Sheet Arrangements

We had no material off-balance sheet arrangements as of September 30, 2026, other than certain purchase commitments, which are described in Note 12 — Commitments and Contingencies in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q.

Critical Accounting Policies and Estimates

The preparation of our condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, sales, and expenses, and related disclosure of contingent assets and liabilities. We evaluate our assumptions and estimates on an on-going basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.

Impairment of Goodwill and Indefinite-Lived Intangible Assets

We evaluate the carrying value of our indefinite-lived intangible assets and goodwill at least annually or when an interim triggering event has occurred indicating potential impairment. During the nine months ended September 30, 2026, there were no triggering events for the HEYDUDE Brand indefinite-lived intangible assets (which consists solely of the HEYDUDE trademark) (the “trademark”) and the HEYDUDE Brand reporting unit (the “reporting unit”) goodwill. Certain factors, such as failure to achieve forecasted revenue growth rates, EBITDA, or increases in the discount rates, have the potential to create variances in the estimated fair values of our goodwill and indefinite-lived intangible assets that could result in impairment charges in future periods.

For a complete discussion of our critical accounting policies and estimates, please refer to our Annual Report on Form 10-K for the year ended December 31, 2025, and Note 1 — Basis of Presentation and Summary of Significant Accounting Policies in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q. There have been no other significant changes in our critical accounting policies or their application since December 31, 2025.

Recent Accounting Pronouncements

See Note 2 — Recent Accounting Pronouncements in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q for a description of recently adopted accounting pronouncements and issued accounting pronouncements that we believe may have an impact on our condensed consolidated financial statements when adopted.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

We centrally manage our debt and investment portfolios considering investment opportunities and risks, tax consequences, and overall financing strategies. Our exposure to market risk includes interest rate fluctuations in connection with our credit facilities and certain financial instruments.

Borrowings under our Term Loan B Facility and Revolving Facility, both further described in Note 7 — Borrowings in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q, bear interest at a variable rate and are therefore subject to risk based upon prevailing market interest rates. Interest rates fluctuate as a result of many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors that are beyond our control.

As of September 30, 2026, we had borrowings with a face value of $1.3 billion, comprised of the Notes, which carry a fixed rate, the Term Loan B Facility, and borrowings under our Revolving Facility. We also had $0.6 million in outstanding letters of credit under our Revolving Facility as of September 30, 2026. As of December 31, 2025, we had long-term borrowings with a face value of $1.3 billion and $0.6 million in outstanding letters of credit under our Revolving Facility.

A hypothetical increase of 1% in the interest rate on the variable rate borrowings under our Term Loan B Facility and Revolving Facility would increase our interest expense over the next twelve months by $6.1 million based on the balances outstanding for these borrowings as of September 30, 2026.

Foreign Currency Exchange Risk

Changes in exchange rates have a direct effect on our reported U.S. Dollar condensed consolidated financial statements because we translate the operating results and financial position of our international subsidiaries to U.S. Dollars using current period exchange rates. Specifically, we translate the statements of operations of our foreign subsidiaries into the U.S. Dollar reporting currency using exchange rates in effect during each reporting period. As a result, comparisons of reported results between reporting periods may be impacted significantly due to differences in the exchange rates in effect at the time such exchange rates are used to translate the operating results of our international subsidiaries.

An increase of 1% of the value of the U.S. Dollar relative to foreign currencies when translating our financial results would have decreased our revenues and income before taxes during the three months ended September 30, 2026, by $4.6 million and $1.6 million, respectively. During the nine months ended September 30, 2026, an increase of 1% of the value of the U.S. Dollar relative to foreign currencies would have decreased our revenues and income before taxes by $15.3 million and $4.5 million, respectively. This analysis does not account for transactional fluctuations in accounts, such as those driven by purchasing power, which is defined as purchasing foreign goods in the U.S. Dollar but recognizing the cost in foreign currencies. The volatility of the exchange rates is dependent on many factors that cannot be forecasted with reliable accuracy.

In order to manage exposure to fluctuations in foreign currency and to reduce the volatility in earnings caused by fluctuations in foreign exchange rates, we may enter into forward foreign exchange contracts to buy or sell various foreign currencies. Changes in the fair value of these forward contracts are recognized in earnings in the period that the changes occur or in the period in which the hedged transaction affects earnings for derivatives classified as non-hedged or hedged, respectively, as defined in Note 6 — Derivative Financial Instruments in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q. As of September 30, 2026, the U.S. Dollar notional value of our total derivatives was $34.5 million. The fair value of these contracts at September 30, 2026, was an insignificant liability.

We perform a sensitivity analysis to determine the effects that market risk exposures may have on the fair values of our foreign currency forward exchange contracts. To perform the sensitivity analysis, we assess the risk of changes in fair values from the effect of hypothetical changes in foreign currency exchange rates. This analysis assumes a like movement by the foreign currencies in our hedge portfolio against the U.S. Dollar. As of September 30, 2026, a 10% appreciation in the value of the U.S. Dollar would result in a net increase in the fair value of our derivative portfolio of $3.2 million.

See Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q for a discussion of the impact of the change in foreign exchange rates on our U.S. Dollar condensed consolidated statements of operations for the three and nine months ended September 30, 2026, and 2025.

ITEM 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of our disclosure controls and procedures as such item is defined under Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”) as of September 30, 2026. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2026, to provide reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Management necessarily applies its judgment in assessing the costs and benefits of such controls and procedures that, by their nature, can only provide reasonable assurance regarding management’s control objectives.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) during the three months ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II — Other Information

ITEM 1. Legal Proceedings

A discussion of legal matters is found in Note 14 — Legal Proceedings in the accompanying notes to the condensed consolidated financial statements included in Part I - Item 1. Financial Statements of this Quarterly Report on Form 10-Q.

ITEM 1A. Risk Factors

There have been no material changes to the risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025.

ITEM 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities


Issuer Purchases of Equity Securities
Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Maximum Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (1)
July 1 - 31, 2026	285,186		$	130.49		285,186		$	1,959,010,396
August 1 - 31, 2026	740,015		128.60		740,015		1,863,861,713
September 1 - 30, 2026	1,002,367		117.38		1,002,367		1,746,222,922
Three months ended September 30, 2026	2,027,568		123.32		2,027,568		1,746,222,922

(1) On July 27, 2026, the Board approved an increase to our then-existing common stock repurchase authorization program up to approximately $2.0 billion of our common stock. As of September 30, 2026, approximately $1.7 billion remained available for repurchase under our share repurchase authorization. The number, price, structure, and timing of the repurchases, if any, will be at our sole discretion and future repurchases will be evaluated by us depending on market conditions, liquidity needs, restrictions under our debt arrangements, and other factors. Share repurchases may be made in the open market or in privately negotiated transactions. The repurchase authorization does not have an expiration date and does not oblige us to acquire any particular amount of our common stock. The Board may suspend, modify, or terminate the repurchase program at any time without prior notice.

ITEM 5. Other Information

Except as shown below, during the three months ended September 30, 2026, no other directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Trading Arrangement

Name and Position

Action

Date

Rule 10b5-1*

Non-Rule 10b5-1**

Total Number of Shares to be Sold

Expiration Date

Anne Mehlman,

Executive Vice President and Brand President for Crocs

Adopt

9/8/2026

7,276

6/8/2027

Ronald Frasch, Director

Adopt

9/9/2026

24,000

9/30/2027

* Intended to satisfy the affirmative defense of Rule 10b5-1(c).

** Not intended to satisfy the affirmative defense of Rule 10b5-1(c).

ITEM 6. Exhibits


Exhibit Number		Description
3.1		Restated Certificate of Incorporation of Crocs, Inc. (incorporated herein by reference to Exhibit 4.1 to Crocs, Inc.’s Registration Statement on Form S-8, filed on March 9, 2006).

3.2		Certificate of Amendment to Restated Certificate of Incorporation of Crocs, Inc. (incorporated herein by reference to Exhibit 3.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on July 12, 2007).

3.3		Amended and Restated Bylaws of Crocs, Inc. (incorporated herein by reference to Exhibit 4.2 to Crocs, Inc.’s Registration Statement on Form S-8, filed on March 9, 2006).

3.4		Certificate of Designations of Series A Convertible Preferred Stock of Crocs, Inc. (incorporated herein by reference to Exhibit 3.1 to Crocs, Inc.’s Current Report on Form 8-K, filed on January 27, 2014).

4.1		Specimen Common Stock Certificate (incorporated herein by reference to Exhibit 4.2 to Crocs, Inc.’s Registration Statement on Form S-1/A, filed on January 19, 2006).

31.1†		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act.

31.2†		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes- Oxley Act.

32+		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act.

101.INS†		XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH†		XBRL Taxonomy Extension Schema Document.

101.CAL†		XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF†		XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB†		XBRL Taxonomy Extension Label Linkbase Document.

101.PRE†		XBRL Taxonomy Extension Presentation Linkbase Document.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101).

† Filed herewith.

+ Furnished herewith.

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 thereunto duly authorized.

CROCS, INC.

Date: October 29, 2026

By:

/s/ Patraic Reagan

Name:

Patraic Reagan

Title:

Executive Vice President and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)

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