Deckers Outdoor提交截至2026年9月30日季度的Form 10-Q：第二季度净销售额增长3.5%，上半年净销售额增长4.4%

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

For the Quarterly Period Ended September 30, 2026

OR

For the transition period from          to

Commission File Number: 001-36436

DECKERS OUTDOOR CORPORATION

(Exact name of registrant as specified in its charter)

250 Coromar Drive, Goleta, California 93117

(Address of principal executive offices) (Zip Code)

(805) 967-7611

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities

Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),

and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted

pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the

registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller

reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting

company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of the close of business on October 8, 2026, the number of outstanding shares of the registrant’s common stock, par value

$0.01 per share, was 133,479,987.

Table of Contents                        1

DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q for our second fiscal quarter ended September 30, 2026 (Quarterly Report), and the information and

documents incorporated by reference within this Quarterly Report, contain “forward-looking statements” within the meaning of Section 27A of the

Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act),

which statements are subject to considerable risks and uncertainties. These forward-looking statements are intended to qualify for the safe

harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements other

than statements of historical fact contained in, or incorporated by reference within, this Quarterly Report. We have attempted to identify forward-

looking statements by using words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,”

“should,” “will,” or “would,” and similar expressions or the negative of these expressions. Specifically, this Quarterly Report, and the information

and documents incorporated by reference within this Quarterly Report contain forward-looking statements relating to, among other things:

•global geopolitical conflicts, instability, and uncertainty, including the resulting impact on our supply chain;

•United States (US) and international trade policies, tariffs and retaliatory measures, including the impact of tariffs, the

amount, timing, and realization of certain tariff refunds, and the net impact of such tariff refunds, after cost-sharing

arrangements and other relevant factors, on our results of operations and liquidity;

•changes in consumer preferences and the purchasing behavior of wholesale partners and consumers, including

shifts in technology, impacting our brands and products, and the footwear and fashion industries;

•global economic trends, including foreign currency exchange rate fluctuations and the effectiveness of our hedging

strategies, changes in interest rates, inflationary pressures, commodity price volatility, rising transportation costs, and

recessionary concerns;

•the ability to effectively compete in a highly competitive footwear, apparel, and accessories industry;

•the operational challenges faced by our warehouses and distribution centers (DCs), wholesale partners, global third-

party logistics providers (3PLs), and third-party carriers, including those arising from changes in 3PLs and other

distribution network initiatives, global supply chain disruptions, labor shortages, and logistics constraints;

•availability of materials and manufacturing capacity, the reliability of overseas production and storage, and the

geographic concentration of manufacturing operations;

•expansion of our brands, product offerings, and investments in our distribution facilities, e-commerce websites, and

retail store footprint;

•our business, operating, investing, capital allocation, marketing, and financing plans and strategies;

•changes to our product distribution strategies, including product allocation and segmentation strategies;

•trends, seasonality, and weather impacting the demand for our products;

•changes to the geographic and seasonal mix of our brands and products;

•the impact of our efforts to continue to advance sustainable and socially conscious business operations, and our

ability to meet the expectations of our investors and other stakeholders with respect to our environmental, social, and

governance practices;

•the effects of climate change, natural disasters, and public health issues, and the resulting impact on our business

and our customers, consumers, suppliers, and business partners;

•security breach or other disruption to our information technology (IT) systems, or those of our vendors;

•our ability to effectively utilize and implement technological advancements, including artificial intelligence, the impact

of artificial intelligence on our business, and risks associated with third-party service providers and interconnected

systems;

•the outcomes of legal proceedings, including the impact they may have on our business and intellectual property

rights;

•our interpretation of applicable global tax regulations and changes in global tax laws and audits that may impact our

tax liability and effective tax rates;

•our cash repatriation strategy regarding earnings of non-US subsidiaries and the resulting tax impacts; and

•the value of long-lived assets and potential write-downs or impairment charges.

Forward-looking statements represent management’s current expectations and predictions about trends affecting our business and

industry and are based on information available at the time such statements are made. Although we do not make forward-looking statements

unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy or completeness. Forward-looking statements

involve numerous known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements

to be materially different from any future results, performance or achievements predicted, assumed, or implied by the forward-looking

statements. Some of the risks and uncertainties that may cause our actual results to materially differ from those expressed or implied by these

forward-looking statements are described in Part II, Item 1A, “Risk Factors,” and Part I, Item 2, “Management’s Discussion and Analysis of

Financial Condition and Results of Operations,” within this Quarterly Report, as well as in our other filings with the Securities and Exchange

Commission (SEC), which are available free of charge on the SEC’s website at www.sec.gov and our website at ir.deckers.com. You should

read this Quarterly Report, including the information and documents incorporated by reference herein, in its entirety and with the understanding

that our actual future results may be materially different from the results expressed or implied by these forward-looking statements. Moreover,

new risks and uncertainties emerge occasionally, and it is not possible for management to predict all risks and uncertainties, nor can we assess

the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual future results to be

materially different from any results expressed or implied by any forward-looking statements. Except as required by applicable law or the listing

rules of the New York Stock Exchange, we expressly disclaim any intent or obligation to update any forward-looking statements. We qualify all

our forward-looking statements with these cautionary statements.

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PART I. FINANCIAL INFORMATION

References within this Quarterly Report to “Deckers,” “we,” “our,” “us,” “management,” or the “Company” refer to

Deckers Outdoor Corporation, together with its consolidated subsidiaries. HOKA® (HOKA), UGG® (UGG), and

Teva® (Teva) are some of our trademarks. Other trademarks or trade names appearing elsewhere within this

Quarterly Report are the property of their respective owners. The trademarks and trade names within this Quarterly

Report are referred to without the ® and ™ symbols, but such references should not be construed as any indication

that their respective owners will not assert their rights to the fullest extent under applicable law.

Unless otherwise indicated, all figures herein are expressed in thousands, except for per share data. References to

“domestic” refer to our business and operations in the US.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(amounts in thousands, except par value)

See accompanying notes to the condensed consolidated financial statements.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(amounts in thousands, except per share data)

See accompanying notes to the condensed consolidated financial statements.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(amounts in thousands)

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(amounts in thousands)

See accompanying notes to the condensed consolidated financial statements.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(amounts in thousands)

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(amounts in thousands)

(continued)

See accompanying notes to the condensed consolidated financial statements.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Six Months Ended September 30, 2026, and 2025

(amounts in thousands, except per share data)

Note 1. General

The Company. Deckers Outdoor Corporation and its consolidated subsidiaries (collectively, the Company) is a

global leader in designing, marketing, and distributing innovative footwear, apparel, and accessories developed for

both everyday casual lifestyle use and high-performance activities. The Company markets its products primarily

under three proprietary brands: HOKA, UGG, and Teva.

The Company’s brands compete across the fashion and casual lifestyle, performance, running, and outdoor

markets. The Company sells its products through quality domestic and international retailers and international

distributors in its wholesale channel, and directly to global consumers through its Direct-to-Consumer (DTC)

channel, which is comprised of an e-commerce and retail store presence. Management seeks to differentiate the

Company’s brands and products by offering diverse lines that emphasize fashion, performance, authenticity,

functionality, quality, and comfort, and products tailored to a variety of activities, seasons, and demographic groups.

Independent third-party contractors manufacture all of the Company’s products (independent manufacturers).

Basis of Presentation. The unaudited condensed consolidated financial statements and accompanying notes

thereto (referred to herein as condensed consolidated financial statements) as of September 30, 2026, and for the

three and six months ended September 30, 2026 (current period), and 2025 (prior period) are prepared in

accordance with generally accepted accounting principles in the US (US GAAP) for interim financial information

pursuant to Rule 10-01 of Regulation S-X issued by the SEC. Accordingly, the condensed consolidated financial

statements do not include all the information and disclosures required by US GAAP for annual financial statements

and accompanying notes thereto. The condensed consolidated balance sheet as of March 31, 2026, is derived from

the Company’s audited consolidated financial statements. In the opinion of management, the condensed

consolidated financial statements include all normal and recurring entries necessary to fairly present the results of

the interim periods presented but are not necessarily indicative of actual results to be achieved for full fiscal years or

other interim periods. The condensed consolidated financial statements should be read in conjunction with the

audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual

Report on Form 10-K for the fiscal year ended March 31, 2026 (prior fiscal year), which was filed with the SEC on

May 22, 2026 (2026 Annual Report).

Consolidation. The condensed consolidated financial statements include the accounts of the Company and its

wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Reclassifications. Certain immaterial prior period amounts presented in the condensed consolidated statements of

cash flows have been reclassified within net cash (used in) provided by operating activities and net cash used in

investing activities to conform to the current period presentation, which had no net effect on cash flows from

operating or investing activities.

Reportable Operating Segments. As of September 30, 2026, the Company’s three reportable operating segments

include the worldwide operations of the HOKA brand, UGG brand, and Other brands (primarily consisting of the

Teva brand) (collectively, the Company’s reportable operating segments). Other brands reportable operating

segment includes historical results of brands for which standalone operations have been phased out during the prior

fiscal year as described in Note 1, “General,” within the section titled “Reportable Operating Segments” in the

Company’s consolidated financial statements in Part IV of the 2026 Annual Report.

Refer to Note 12, “Reportable Operating Segments,” for further information on the Company’s reportable operating

segments.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Six Months Ended September 30, 2026, and 2025

(amounts in thousands, except per share data)

Use of Estimates. The preparation of the Company’s condensed consolidated financial statements in accordance

with US GAAP requires management to make estimates and assumptions that affect the amounts reported.

Management bases these estimates and assumptions upon historical experience, existing and known

circumstances, authoritative accounting pronouncements, and other factors it believes to be reasonable. In addition,

management has considered the potential impact of macroeconomic and geopolitical factors on its business and

results of operations, including inflationary pressures, increased tariffs, tariff refunds received and the recoverability

of remaining tariff refund claims, rising supply chain costs, high interest rates, foreign currency exchange rate

volatility, escalating global conflicts, changes in discretionary spending, and recession risks. Although the full impact

of these factors, including the amount, timing, and realization of certain tariff refunds, is unknown, the Company

believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances

available as of the reporting date. However, actual results could differ materially from these estimates and

assumptions, which may result in material effects on the Company’s financial condition, results of operations, and

liquidity.

Foreign Currency Translation. The Company considers the US dollar to be its functional currency. The Company’s

wholly owned foreign subsidiaries have various assets and liabilities, primarily cash, receivables, and payables,

which are denominated in currencies other than its functional currency. The Company remeasures these monetary

assets and liabilities using the exchange rate at the end of the reporting period, which results in gains and losses

that are recorded in selling, general, and administrative (SG&A) expenses in the condensed consolidated

statements of comprehensive income as incurred. In addition, the Company translates assets and liabilities of

subsidiaries with reporting currencies other than US dollars into US dollars using the exchange rates at the end of

the reporting period, which results in financial statement translation gains and losses recorded in other

comprehensive income or loss (OCI), net of tax, in the condensed consolidated statements of comprehensive

income.

Seasonality. A significant part of the UGG brand’s business has historically been seasonal, with the highest

percentage of net sales occurring in the third fiscal quarter, which has contributed to variation in results of

operations from quarter to quarter. However, as the HOKA brand’s net sales have increased as a percentage of

aggregate net sales, the impacts of seasonality have been partially mitigated as HOKA brand sales are generally

more evenly distributed throughout the fiscal year. However, quarterly results may fluctuate based on, among other

things, the timing of product launches, customer demand, inventory management decisions, and the timing of

product shipments, including impacts from changes in third-party logistics providers and other distribution network

initiatives. This trend is expected to continue. In addition, the Company has further mitigated the impacts of

seasonality by diversifying and expanding its year-round product offerings across its brands.

Recent Accounting Pronouncements. Except as described below, there have been no developments with respect

to recently issued Accounting Standards Updates (ASUs) relative to those disclosed in the 2026 Annual Report,

including the expected dates of adoption and impact on disclosures in the Company’s annual consolidated financial

statements and interim condensed consolidated financial statements.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Six Months Ended September 30, 2026, and 2025

(amounts in thousands, except per share data)

Note 2. Revenue Recognition and Business Concentrations

Disaggregated Revenue. Refer to Note 12, “Reportable Operating Segments,” for further information on the

Company’s disaggregation of net sales by reportable operating segments.

Channel Concentration. Net sales by channel were as follows:

Geographic Concentration. Net sales by geography were as follows:

Sales Return Asset and Liability. Sales returns are a refund asset for the right to recover the inventory and a

refund liability for the stand-ready right of return. The refund asset for the right to recover the inventory is recorded

in other current assets and the related refund liability is recorded in other accrued expenses in the condensed

consolidated balance sheets.

The following tables summarize changes in the estimated sales returns for the periods presented:

(1) Net additions to the sales return liability include a provision for anticipated sales returns, which consists of both contractual

return rights and discretionary authorized returns.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Six Months Ended September 30, 2026, and 2025

(amounts in thousands, except per share data)

Contract Liabilities. Contract liabilities are recorded in other accrued expenses in the condensed consolidated

balance sheets and include loyalty programs and other deferred revenue.

Loyalty Programs. Activity related to loyalty programs was as follows:

Deferred Revenue. Activity related to deferred revenue was as follows:

Note 3. Fair Value Measurements

The Company measures certain financial assets and liabilities at fair value on a recurring basis in the condensed

consolidated balance sheets, which are as follows:

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Six Months Ended September 30, 2026, and 2025

(amounts in thousands, except per share data)

The fair value of Designated Derivative Contracts and Non-Designated Derivative Contracts is determined by using

quoted market prices of the same or similar instruments, including spot and forward currency exchange rates,

adjusted for counterparty exposure and the Company’s own credit risk, if any. Refer to Note 9, “Derivative

Instruments,” for further information on Designated Derivative Contracts and Non-Designated Derivative Contracts,

including the term definitions.

Note 4. Income Taxes

Income tax expense and the effective income tax rate were as follows:

The tax provisions during the three and six months ended September 30, 2026, and 2025, were computed using the

estimated effective income tax rate applicable to each of the domestic and foreign taxable jurisdictions for the fiscal

year ending March 31, 2027 (current fiscal year), and prior fiscal year, respectively, and were adjusted for discrete

items that occurred within the periods presented above.

During the current period, the net changes in the effective income tax rate, compared to the prior period, were

primarily due to non-recurring discrete tax benefits for adjustments to income taxes payable from the prior period.

For the three months ended September 30, 2026, the change also reflected reductions in excess tax benefits for

stock-based compensation, while for the six months ended September 30, 2026, the discrete tax benefits were

offset by non-recurring discrete tax expenses related to changes in unrecognized tax benefits.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Six Months Ended September 30, 2026, and 2025

(amounts in thousands, except per share data)

Note 5. Revolving Credit Facilities

Primary Credit Facility. In August 2026, Deckers Outdoor Corporation and certain of its consolidated subsidiaries

(collectively, the Borrowers) entered into the First Amendment to the Credit Agreement with Citibank, N.A.

(Citibank), as administrative agent, and the lenders party thereto (First Amendment), which amended the Credit

Agreement, dated December 19, 2022 (Credit Agreement), with Citibank, as administrative agent, and Comerica

Bank, as sole syndication agent (which role was assumed by Fifth Third Bank, as successor by merger with

Comerica Bank), and the lenders party thereto. The Credit Agreement, as amended by the First Amendment, is

referred to herein as the Amended Credit Agreement.

Borrowing Capacity. The Amended Credit Agreement provides for a $500,000 unsecured revolving credit facility

(Primary Credit Facility).

Maturity Date. The maturity date of the Amended Credit Agreement is August 27, 2031, which is the fifth anniversary

of the effective date of the First Amendment.

Interest Rates. Under the Amended Credit Agreement, at the Borrowers’ election, revolving loans issued under the

Primary Credit Facility will bear interest at the term Secured Overnight Financing Rate (SOFR), the adjusted Euro

InterBank Offered Rate (EURIBOR), the Sterling Overnight Index Average (SONIA), the term Canadian Overnight

Repo Rate Average (CORRA), or the adjusted Alternate Base Rate (ABR), in each case plus the applicable interest

rate margin.

The applicable interest rate margin is determined using a pricing grid based on the Company’s total net leverage

ratio and ranges from 1.00% to 1.50% per annum in the case of loans based on the SOFR, EURIBOR, SONIA, or

CORRA, and from 0.00% to 0.50% per annum in the case of loans based on ABR.

As of September 30, 2026, the applicable interest rates for borrowings in US dollars using the 1-month SOFR and

ABR are 4.91% and 7.00%, respectively.

Commitment Fees. Under the Amended Credit Agreement, the Borrowers are required to pay commitment fees of

between 0.10% to 0.175% per annum on the daily unused amount of the Primary Credit Facility, with the exact

commitment fee based on the Company’s total net leverage ratio.

Borrowing Activity. As of September 30, 2026, the Company has no outstanding balance, outstanding letters of

credit of $588, and available borrowings of $499,412 under the Primary Credit Facility.

Deferred Financing Costs. In connection with the First Amendment, the Borrowers incurred various commitment,

arrangement, and other fees totaling $1,339, which were primarily recorded in other assets in the condensed

consolidated balance sheets as of September 30, 2026. These costs will be amortized on a straight-line basis over

the term of the Amended Credit Agreement. Deferred financing costs associated with the Credit Agreement had an

immaterial remaining unamortized balance.

Debt Covenants. Under the Amended Credit Agreement, the total net leverage ratio financial covenant increased to

be no greater than 4.00 to 1.00. As of September 30, 2026, the Borrowers are in compliance with all financial

covenants under the Primary Credit Facility.

Except as described above, the material terms of the Company’s revolving credit facilities remain unchanged from

those previously disclosed in Note 6, “Revolving Credit Facilities,” in the Company’s consolidated financial

statements in Part IV of the 2026 Annual Report.

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DECKERS OUTDOOR CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

For the Three and Six Months Ended September 30, 2026, and 2025

(amounts in thousands, except per share data)

Note 6. Leases

The Company enters into operating lease contracts, which primarily relate to retail stores, showrooms, offices, and

distribution facilities. Supplemental information for amounts presented in the condensed consolidated statements of

cash flows related to operating leases was as follows:

(1) Amounts disclosed include non-cash additions or reductions resulting from lease remeasurements, as well as adjustments for

tenant improvement allowances. Non-cash additions in the current period primarily reflect continued investments in the

Company’s global retail store footprint, while non-cash additions during the six months ended September 30, 2026, also

include amounts for a warehouse and DC lease extension, as well as investments in showrooms.

Note 7. Commitments and Contingencies

Purchase Obligations. There were no material changes outside the ordinary course of business during the six