A leading designer of comfortable, proprietary foam footwear that has successfully transitioned from a niche comfort brand to a mainstream fashion staple with strong direct-to-consumer channels.
Despite the recent earnings miss, the massive $582.3M in share repurchases and strong operating cash flow of $710.4M suggest management is confident in returning capital while building a moat against competitors.
Investors should be wary of the retained earnings deficit of $3.48B and the negative net profit, which indicates that aggressive buybacks may be masking underlying profitability issues or one-time charges.
Crocs, Inc. designs and markets footwear, accessories, and lifestyle products primarily through its iconic clog line and licensed collaborations across the US and Europe.
The company reported a revenue increase from $3.55B in 2022 to $4.04B in 2025, driven by strong unit growth and pricing power, though net income swung sharply from $950.1M in 2024 to an $81.2M loss in 2025.
The footwear industry is highly competitive with rapid trend cycles, requiring brands to balance mass appeal with innovation, while Crocs faces pressure from both luxury collaborations and budget-friendly alternatives.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $3.55B | $3.96B | $4.10B | $4.04B |
| Cost of Revenue | $1.69B | $1.75B | $1.69B | $1.68B |
| Gross Profit | $1.86B | $2.21B | $2.41B | $2.36B |
| Operating Expenses | $1.01B | $1.17B | $1.39B | $2.21B |
| Operating Income | $850.8M | $1.04B | $1.02B | $149.5M |
| R&D | — | $21.4M | $25.6M | $29.6M |
| G&A | $1.01B | $1.16B | $1.39B | $1.47B |
| Stock-Based Comp | $31.3M | $29.1M | $33.1M | $36.7M |
| D&A | $39.2M | $54.3M | $69.8M | $79.3M |
| Depreciation | $19.6M | $31.7M | $46.9M | $55.7M |
| Amortization | $19.6M | $22.6M | $22.9M | $23.6M |
| Other OpEx | $0 | $-12.1M | $-25.6M | $708.5M |
| Non-Operating Income | $-132.2M | $-160.5M | $-111.3M | $-76.5M |
| Interest Expense | $136.2M | $161.4M | — | — |
| Pre-Tax Income | $718.5M | $876.3M | $910.6M | $73.0M |
| Income Tax | $178.3M | $83.7M | $-39.5M | $154.2M |
| Continuing Ops | $540.2M | $792.6M | $950.1M | $-81.2M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $540.2M | $792.6M | $950.1M | $-81.2M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $540.2M | $792.6M | $950.1M | $-81.2M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $1.03B | $910.7M | $872.3M | $885.9M |
| Cash & Equivalents | $191.6M | $149.3M | $180.5M | $130.4M |
| Accounts Receivable | $295.6M | $305.7M | $257.7M | $278.2M |
| Inventory | $471.6M | $385.1M | $356.3M | $368.7M |
| Prepaid Expenses | $33.6M | $45.1M | $51.6M | $53.8M |
| Other Current Assets | $33.6M | $25.5M | $26.2M | $54.9M |
| Long-Term Assets | $3.48B | $3.73B | $3.94B | $3.29B |
| PP&E (Net) | $181.5M | $238.3M | $244.3M | $238.2M |
| Intangibles | $1.80B | $1.79B | $1.78B | $1.32B |
| Goodwill | $714.8M | $711.6M | $711.5M | $404.7M |
| Operating Leases | $239.9M | $287.4M | $307.2M | $338.7M |
| Other LT Assets | $539.4M | $703.2M | $899.8M | $982.6M |
| Total Assets | $4.50B | $4.64B | $4.81B | $4.17B |
| Current Liabilities | $641.3M | $698.3M | $740.2M | $700.1M |
| Accounts Payable | $230.8M | $261.0M | $264.9M | $266.1M |
| Current Debt | $24.4M | $23.3M | $0 | — |
| Current Leases | $57.5M | $62.3M | $68.6M | $85.8M |
| Taxes Payable | $89.2M | $66.0M | $108.7M | $47.3M |
| Other Current Liab | $0 | $0 | $0 | $0 |
| Long-Term Liabilities | $3.04B | $2.49B | $2.24B | $2.18B |
| Long-Term Debt | $2.30B | $1.64B | $1.35B | $1.23B |
| LT Operating Leases | $215.1M | $269.8M | $283.4M | $297.2M |
| Other LT Liab | $304.6M | $15.7M | $8.0M | $4.2M |
| Total Liabilities | $3.68B | $3.19B | $2.98B | $2.88B |
| Shareholders' Equity | $817.9M | $1.45B | $1.84B | $1.29B |
| Retained Earnings | $1.82B | $2.61B | $3.56B | $3.48B |
| AOCI | $-103.5M | $-95.8M | $-132.6M | $-43.7M |
| Treasury Stock | $1.70B | — | — | — |
| Total L&E | $4.50B | $4.64B | $4.81B | $4.17B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $540.2M | $792.6M | $950.1M | $-81.2M |
| Non-Cash Adjustments | $-130.8M | $1.4M | $171.8M | $674.0M |
| Working Capital Changes | $193.7M | $136.5M | $-129.4M | $117.7M |
| Cash from Operations | $603.1M | $930.4M | $992.5M | $710.4M |
| Capital Expenditures | $104.2M | $115.6M | $69.3M | $51.2M |
| Cash from Investing | $-2.15B | $-115.7M | $-69.3M | $-51.2M |
| Share Buybacks | $0 | $175.0M | $552.5M | $582.3M |
| Cash from Financing | $1.53B | $-859.6M | $-886.0M | $-714.6M |
| FX Effect | $-3.8M | $3.1M | $-6.5M | $5.6M |
| Net Change in Cash | $-22.0M | $-41.8M | $30.6M | $-49.8M |
| Beginning Cash | $216.9M | $194.9M | $153.1M | $183.7M |
| Ending Cash | $194.9M | $153.1M | $183.7M | $133.9M |
Footwear sales (core clogs and sandals), Accessories (hats, socks, and bags), and Licensing revenue streams including third-party collaborations and retail partnerships.
High volatility in net income due to significant share buybacks and non-cash adjustments, potential supply chain disruptions affecting foam material costs, and increasing competition in the fast-fashion footwear sector.
Proprietary Croslite foam technology providing unmatched comfort and durability, a highly loyal community-driven consumer base, and an agile direct-to-consumer digital commerce strategy.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.