Crocs — Feb 12, 2026 release

Our powerful value creation model drove operating cash flow of approximately $700 million which enabled us to return shareholder value as we repurchased approximately 10% of our shares outstanding, and paid down $128 million of debt,” said Andrew Rees, Chief Executive Officer. Mr. Rees continued, “We enter 2026 with greater confidence around our growth engines which are diversified across channels, geographies, brands, and product categories. We have identified and actioned $100 million of cost savings in 2026 aimed at driving greater efficiency while providing the flexibility to continue to invest behind our brands and deepen our connection with consumers.” Amounts referred to as “Adjusted” or “Non-GAAP” are Non-GAAP measures and include adjustments that are described under the heading “Reconciliation of GAAP Measures to Non-GAAP Measures.” A reconciliation of these amounts to their GAAP counterparts is contained in the schedules below. Fourth Quarter 2025 Operating Results (Compared to the Same Period Last Year) • Consolidated revenues were $958 million, a decrease of 3.2%, or 4.2% on a constant currency basis. Direct-to-consumer (“DTC”) revenues grew 4.7%, or 3.6% on a constant currency basis. Wholesale revenues decreased 14.5%, or 15.5% on a constant currency basis. • Gross margin was 54.7% compared to 57.9%. Adjusted gross margin decreased 320 basis points to 54.7% compared to 57.9%. • Selling, general, and administrative expenses (“SG&A”) of $377 million increased 1.1% from $373 million, and represented 39.4% of revenues compared to 37.7%. Adjusted SG&A of $363 million decreased 2.7% from $373 million, and represented 37.9% of revenues compared to 37.7%. •