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Crocs, Inc. (CROX) stock

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NASDAQ: CROX Nasdaq Footwear Next results ~February 11, 2027

B Fundamentals grade

Crocs, Inc. is a US-listed company in the footwear industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$290

Cash-flow model

Base case. Range ~$210–$390 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 89% above it.

Price used: $153.13, November 2, 2026

Crocs, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 3 selling5 purchases and 12 sales by directors and officers, last 12 monthsInsider trades
  • Funds227 adding, 251 cuttingOf 61 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Crocs files

10-Q filed October 29: Crocs

Model value +9.4%

Crocs reported revenue of $4.10bn for the twelve months to September 2026, up 0.7% on a year earlier, a turnaround from the 2.0% decline seen a quarter earlier. Free-cash-flow margin held steady at 18.4%, while operating margin widened sharply to 22.6% from 5.0%. Buybacks have cut the diluted share count by 11.3% over the year, boosting the claim each remaining share has on earnings. Our model value climbs from $255 to $279 a share, well above the current price of $151, and the rating stays Buy. At that price, the market is pricing in cash flow shrinking by roughly 6.9% a year over five years, a far gloomier outlook than the 12.1% annual revenue growth Crocs has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Crocs

Crocs reported revenue of $4.10bn for the twelve months to June 2026, up 0.7% on the prior year after a 2.0% decline the quarter before. Free-cash-flow margin held steady at 18.4%, while operating margin widened sharply to 22.6% from 5.0%. A diluted share count down 11.3% year on year has lifted the value of each remaining share. These moves push the fundamentals grade from C+ to B+. Our model value is little changed at $255 a share, well above the current price of $151, and the rating stays Buy. At that price, the market appears to be pricing in cash flow shrinking by about 5.9% a year over five years, far more pessimistic than the 12.1% annual revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Crocs stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.05bn, down 2.0% on a year earlier, about the same pace as a quarter earlier. That puts it 873 of 931 for growth among all the companies we cover. Free-cash-flow margin fell to 17.4% from 18.6% a year earlier. Operating margin widened to 20.7% from 6.4%. The diluted share count is down 10.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $225 a share, against a share price of $121. At that price, our model says the market is pricing in cash flow shrinking about 7.3% a year for five years, slower than the 11.9% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Crocs, Inc.'s trailing-twelve-month revenue grew 0.7% year on year, with a free-cash-flow margin of 18.4%. Where it stands out: change in share count of -11.3% ranks 1 of 9 footwear companies we cover.

Our discounted-cash-flow model values the business at ~$290 per share in the base case (~$210–$390 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 5.3% while net income grew 263.9%: a 259pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $153.13 is 89% below our value per share of $290.
  • Margins widening. Operating margin is up 17.6 points on a year ago.
  • Shrinking share count. Diluted shares fell 11.3% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.7% over 90 days.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 50% and a beta of 0.7 against the S&P 500.
  • Below peers: revenue growth. Revenue growth of 0.7% ranks 8 of 10 footwear companies we cover (median 7.3%).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 30.1% ranks 4 of 5 footwear companies we cover (median 23.3%).
  • Heavily shorted. 13.4% of the shares available to trade are sold short (3.8 days of average volume to cover).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$3.69 against an average estimate of $3.31: beat by 11.5%
Revenue
$1.04bn, up 4.6% on a year earlier
Share reaction
+25.8% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue growth growth 3% (Full Year 2026); crocs Brand revenue growth growth 4% (Full Year 2026)
Next report
October 29, 2026; average EPS estimate $3.40

Crocs' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.7%
  • 1 week+28.8%
  • 1 month+29.7%
  • This year+79.1%
  • 1 year+87.5%
  • 5 years-11.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.1B
Operating margin
22.6%
Net margin
16.2%
EPS (TTM, diluted)
$13.36

Growth

Revenue growth
+0.7%
Change in growth rate
+2.7 pts
Share count change
−11.3%

Cash

Free cash flow (TTM)
$754M
FCF margin
18.4%
Stock pay % of revenue
1.1%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Product
  5. Insider trade
  6. Insider trade
  7. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Crocs, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 7.2% a year for five years.That is slower than the 12.1% a year revenue growth Crocs has delivered.

  • Priced in-7.2%
  • Last 12 months0.7%
  • 3 years a year1.3%
  • 5 years a year12.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($153.25, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$290
Price used
$153.25close November 3, 2026
Implied change
▲ +89%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Crocs, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($847M, FY2026 Q3 TTM), growing 4.1% and 2.7% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$210–~$390 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Crocs, Inc.'s free cash flow after stock-based pay ( $847M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Crocs, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.05 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$290 ~$210–$390 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$180 ~$160–$210 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$250 ~$180–$290 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Crocs, Inc. with Footwear in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +5%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $240$334$460$625$841$1119
8.5% $178$246$337$455$609$806
10% $140$193$263$353$470$620

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$10.24$6.86$12.64$25.98$41.89$62.66$128.22$108.43$93.41$109.53$85.52$153.13
Market value$774m$503m$913m$1.8bn$3.0bn$4.3bn$8.2bn$6.7bn$5.8bn$6.6bn$4.6bn$7.6bn
+ Net debt (− = net cash)−$137m−$145m−$171m−$3m$97m$44m$572m$2.2bn$1.6bn$1.2bn$1.1bn$1.1bn
Enterprise value$637m$358m$742m$1.8bn$3.1bn$4.3bn$8.7bn$8.9bn$7.3bn$7.8bn$5.8bn$8.8bn
Multiples
Price / sales 0.7x0.5x0.9x1.6x2.4x3.1x3.5x1.9x1.5x1.6x1.1x1.9x
Price / earnings ——89.2x35.2x25.2x13.7x11.3x12.4x7.3x6.9x—11.5x
Price / free cash flow —28.7x10.7x17.4x56.3x19.1x16.0x13.5x7.1x7.1x7.0x10.1x
EV / EBITDA —12.8x14.7x19.2x20.3x17.9x12.2x10.0x6.7x7.1x25.2x8.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

75 /100

Strong moat

How hard Crocs's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 20.4% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 54.7%, moving by 3.7 percentage points (standard deviation) across 10 years.

  • Durability 6 / 20

    Operating margin has been a median 17.7%; its worst year was 0.8%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 14.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 24.5% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (80 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $14.63 +17% $4.2bn +3%
Next $15.93 +9% $4.3bn +4%

Next year's EPS estimate has moved +6.7% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +5.1% on 90 days ago. In the last 30 days, 1 analyst raised Crocs, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Crocs, Inc., last 90 days
$13.00 $14.00 $15.00 $16.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $13.92 Current fiscal year, 60 days ago: $13.95 Current fiscal year, 30 days ago: $13.95 Current fiscal year, 7 days ago: $13.97 Current fiscal year, Now: $14.63 $14.63 Next fiscal year, 90 days ago: $14.93 Next fiscal year, 60 days ago: $14.95 Next fiscal year, 30 days ago: $14.95 Next fiscal year, 7 days ago: $15.01 Next fiscal year, Now: $15.93 $15.93

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $13.92$14.93
60 days ago $13.95$14.95
30 days ago $13.95$14.95
7 days ago $13.97$15.01
Now $14.63$15.93

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.31 $3.69 +11.5%
Jun 2026 $4.35 $4.55 +4.7%
Mar 2026 $2.79 $2.99 +7.2%
Dec 2025 $1.91 $2.29 +19.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Revenue growth Full Year 2026 about 3% growth Raised
    “Revenues to be up approximately 3% compared to full year 2025, up from our previous guidance of up 1% to 2% at currency rates as of October 26, 2026.” source
  • Revenue growth fourth quarter of 2026 7% growth to 9% growth
    “Revenues to be up approximately 7% to 9% compared to the fourth quarter of 2025, at currency rates as of October 26, 2026.” source
  • Adjusted diluted earnings per share Full Year 2026 $14.45 to $14.65 Non-GAAP Raised
    “Adjusted diluted earnings per share to be in the range of $14.45 to $14.65, up from our previous guidance range of $13.70 to $14.00.” source
  • Adjusted diluted earnings per share fourth quarter of 2026 $3.25 to $3.45 Non-GAAP
    “Adjusted diluted earnings per share to be in the range of $3.25 to $3.45.” source
  • Adjusted operating margin Full Year 2026 about 22.5% Non-GAAP Raised
    “Adjusted operating margin to expand modestly from 22.5%, up from our previous guidance of expansion from 22.3%.” source
  • Adjusted operating margin fourth quarter of 2026 about 20.5% Non-GAAP
    “Adjusted operating margin to be approximately 20.5%.” source
Show 7 more items
  • Crocs Brand revenue growth Full Year 2026 about 4% growth Raised
    “Crocs Brand to be up approximately 4% compared to full year 2025, up from our previous guidance of up 2% to 3%.” source
  • Non-GAAP net benefit (tariff refunds and cost reduction initiatives) Full Year 2026 about $40m Non-GAAP Raised vs about 25m
    “A non-GAAP net benefit of $40 million primarily associated with tariff refunds and our cost reduction initiatives.” source
  • GAAP effective tax rate Full Year 2026 about 23% GAAP Maintained vs about 23
    “GAAP effective tax rate to be approximately 23% and adjusted effective tax rate to be approximately 18%.” source
  • Adjusted effective tax rate Full Year 2026 about 18% Non-GAAP Maintained vs about 18
    “GAAP effective tax rate to be approximately 23% and adjusted effective tax rate to be approximately 18%.” source
  • Capital expenditures Full Year 2026 $70m to $80m Maintained vs 70m to 80m
    “Capital expenditures of $70 million to $80 million.” source
  • Crocs Brand revenue growth fourth quarter of 2026 6% growth to 8% growth
    “Crocs Brand to be up approximately 6% to 8% compared to the fourth quarter of 2025.” source
  • HEYDUDE Brand revenue growth fourth quarter of 2026 10% growth to 12% growth
    “HEYDUDE Brand to be up approximately 10% to 12% compared to the fourth quarter of 2025.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Crocs, Inc.'s revenue by +4.1% next year and +2.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.8%, weight 47%) , management guidance (+4.4%, weight 32%) and the company's own record (+2.0%, weight 21%) . How the weights are set.

Analyst recommendations

15 analysts, Oct 2026
Buy853%
Hold640%
Sell17%

Monthly trend

  1. Oct 202635615
  2. Sep 202625715
  3. Aug 202625715
  4. Jul 202625715

Counts of recommendations published by analysts covering Crocs, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.4%
of tradable shares
Days to cover
3.83
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.1%
of shares
Employees
8,010
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +87.5%

$81.69 on October 31, 2025 to $153.13

ThenNowEffect
Revenue (last 12 months) $4.1bn $4.1bn −2.0%
Net margin 5.7% 14.6% +156.1%
P/E multiple 19.8x 13.2x −33.4%
Share count 57m 51m +12.2%

Biggest factor: net margin.

Last 3 years +82.4%

$83.93 on November 3, 2023 to $153.13

ThenNowEffect
Revenue (last 12 months) $3.9bn $4.1bn +4.3%
Net margin 17.2% 14.6% −15.0%
P/E multiple 7.8x 13.2x +68.5%
Share count 63m 51m +22.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CROX+105%−15%−14%+17%−22%+79%
Industry peers (median)+39%−19%+37%+17%−14%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CROX92%42%42%50%33%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CROX−32%−65%−49%−40%−39%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 75% from January 9, 2020 to March 20, 2020. Getting back needed a 303% gain, reached on September 14, 2020, 178 days after the low.

Price behaviour

52-week range
$73.39 – $153.13
From 52-week high
0.0%
vs 50-day average
+26.5%
vs 200-day average
+38.9%
Volatility (1 year)
51%
Beta vs S&P 500
0.73

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±13.3%
After a week
7 up, 4 down
typical move ±12.7%
After a month
7 up, 4 down
typical move ±12.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +25.8% −2.1% — —
July 30, 2026 −4.1% +2.4% +0.5% −8.5%
April 30, 2026 +3.7% +1.3% +3.9% +19.1%
February 12, 2026 +17.1% −1.5% +20.9% −4.5%
October 30, 2025 −3.5% −0.8% −7.4% +2.3%
August 7, 2025 −28.4% +0.7% −20.1% −17.1%
May 8, 2025 +8.9% +0.6% +16.4% +1.5%
February 13, 2025 +22.1% +1.1% +21.1% +16.9%
October 29, 2024 −21.0% −0.1% −23.8% −23.5%
August 1, 2024 −8.2% −3.3% −1.9% +8.8%
May 7, 2024 +6.9% +0.1% +14.8% +17.2%
February 15, 2024 +9.8% +0.2% +9.2% +19.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Crocs, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.81× the last 60 days’ realised volatility , richer than 4% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Crocs, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Crocs, Inc.
$4B $4B $4.1B $4.1B $4.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $4B Revenue (TTM), FY24 Q1: $4B Revenue (TTM), FY24 Q2: $4.1B Revenue (TTM), FY24 Q3: $4.1B Revenue (TTM), FY24 Q4: $4.1B Revenue (TTM), FY25 Q1: $4.1B Revenue (TTM), FY25 Q2: $4.1B Revenue (TTM), FY25 Q3: $4.1B Revenue (TTM), FY25 Q4: $4B Revenue (TTM), FY26 Q1: $4B Revenue (TTM), FY26 Q2: $4.1B Revenue (TTM), FY26 Q3: $4.1B $4.1B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $4B
FY24 Q1 $4B
FY24 Q2 $4.1B
FY24 Q3 $4.1B
FY24 Q4 $4.1B
FY25 Q1 $4.1B
FY25 Q2 $4.1B
FY25 Q3 $4.1B
FY25 Q4 $4B
FY26 Q1 $4B
FY26 Q2 $4.1B
FY26 Q3 $4.1B
Revenue growth, TTM YoY Crocs, Inc.
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.5% Revenue growth, TTM YoY, FY24 Q1: 6.3% Revenue growth, TTM YoY, FY24 Q2: 4.4% Revenue growth, TTM YoY, FY24 Q3: 3.2% Revenue growth, TTM YoY, FY24 Q4: 3.5% Revenue growth, TTM YoY, FY25 Q1: 2.1% Revenue growth, TTM YoY, FY25 Q2: 2.0% Revenue growth, TTM YoY, FY25 Q3: 0.0% Revenue growth, TTM YoY, FY25 Q4: -1.5% Revenue growth, TTM YoY, FY26 Q1: -1.9% Revenue growth, TTM YoY, FY26 Q2: -2.0% Revenue growth, TTM YoY, FY26 Q3: 0.7% 0.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.5%
FY24 Q1 6.3%
FY24 Q2 4.4%
FY24 Q3 3.2%
FY24 Q4 3.5%
FY25 Q1 2.1%
FY25 Q2 2.0%
FY25 Q3 0.0%
FY25 Q4 -1.5%
FY26 Q1 -1.9%
FY26 Q2 -2.0%
FY26 Q3 0.7%
Operating margin (TTM) Crocs, Inc.
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 26.2% Operating margin (TTM), FY24 Q1: 25.6% Operating margin (TTM), FY24 Q2: 25.5% Operating margin (TTM), FY24 Q3: 25.3% Operating margin (TTM), FY24 Q4: 24.9% Operating margin (TTM), FY25 Q1: 24.8% Operating margin (TTM), FY25 Q2: 6.4% Operating margin (TTM), FY25 Q3: 5.0% Operating margin (TTM), FY25 Q4: 3.7% Operating margin (TTM), FY26 Q1: 3.2% Operating margin (TTM), FY26 Q2: 20.7% Operating margin (TTM), FY26 Q3: 22.6% 22.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 26.2%
FY24 Q1 25.6%
FY24 Q2 25.5%
FY24 Q3 25.3%
FY24 Q4 24.9%
FY25 Q1 24.8%
FY25 Q2 6.4%
FY25 Q3 5.0%
FY25 Q4 3.7%
FY26 Q1 3.2%
FY26 Q2 20.7%
FY26 Q3 22.6%
FCF margin (TTM) Crocs, Inc.
14% 16% 18% 20% 22% 24% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 20.6% FCF margin (TTM), FY24 Q1: 19.6% FCF margin (TTM), FY24 Q2: 21.6% FCF margin (TTM), FY24 Q3: 23.1% FCF margin (TTM), FY24 Q4: 22.5% FCF margin (TTM), FY25 Q1: 21.6% FCF margin (TTM), FY25 Q2: 18.6% FCF margin (TTM), FY25 Q3: 17.6% FCF margin (TTM), FY25 Q4: 16.3% FCF margin (TTM), FY26 Q1: 16.0% FCF margin (TTM), FY26 Q2: 17.4% FCF margin (TTM), FY26 Q3: 18.4% 18.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 20.6%
FY24 Q1 19.6%
FY24 Q2 21.6%
FY24 Q3 23.1%
FY24 Q4 22.5%
FY25 Q1 21.6%
FY25 Q2 18.6%
FY25 Q3 17.6%
FY25 Q4 16.3%
FY26 Q1 16.0%
FY26 Q2 17.4%
FY26 Q3 18.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 646 790 1,001 1,123 1,193 1,198 1,091 1,036 1,024 1,088 1,231 1,386 2,313 3,555 3,962 4,102 4,041 4,101
Gross profit 301 424 536 608 623 590 511 500 517 560 617 750 1,420 1,860 2,210 2,410 2,357 2,437
EBITDA −15 115 168 183 105 33 −36 28 50 92 153 242 715 890 1,091 1,092 229 1,007
Operating income −51 78 131 146 63 −5 −72 −6 17 63 129 214 683 851 1,037 1,022 150 925
Net income −42 68 113 131 10 −5 −83 −16 10 50 119 313 726 540 793 950 −81 664
Diluted EPS −$0.49 $0.76 $1.24 $1.44 $0.12 −$0.22 −$1.30 −$0.43 −$0.07 −$1.01 $1.66 $4.56 $11.39 $8.71 $12.79 $15.88 −$1.50 $13.36
Growth (year on year)
Revenue — +22.3% +26.7% +12.2% +6.2% +0.5% −9.0% −5.0% −1.2% +6.3% +13.1% +12.6% +66.9% +53.7% +11.5% +3.5% −1.5% +0.7%
EBITDA — — +46.2% +8.6% −42.8% −68.8% −211.1% — +81.0% +82.7% +65.8% +58.1% +195.8% +24.5% +22.6% +0.1% −79.0% +260.4%
Operating income — — +67.8% +11.5% −56.8% −107.5% — — — — +104.4% +66.4% +219.0% +24.6% +21.9% −1.4% −85.4% +355.5%
Net income — — +66.5% +16.5% −92.1% — — — — — +136.9% +161.8% +132.0% −25.6% +46.7% +19.9% −108.5% +263.9%
Diluted EPS — — +63.2% +16.1% −91.7% — — — — — — +174.7% +149.8% −23.5% +46.8% +24.2% −109.4% +310.5%
Margins
Gross margin 46.6% 53.7% 53.6% 54.1% 52.3% 49.3% 46.8% 48.3% 50.5% 51.5% 50.1% 54.1% 61.4% 52.3% 55.8% 58.8% 58.3% 59.4%
EBITDA margin −2.2% 14.6% 16.8% 16.3% 8.8% 2.7% −3.3% 2.7% 4.9% 8.5% 12.4% 17.4% 30.9% 25.0% 27.5% 26.6% 5.7% 24.5%
Operating margin −7.9% 9.9% 13.1% 13.0% 5.3% −0.4% −6.6% −0.6% 1.7% 5.8% 10.5% 15.4% 29.5% 23.9% 26.2% 24.9% 3.7% 22.6%
Net margin −6.5% 8.6% 11.3% 11.7% 0.9% −0.4% −7.6% −1.6% 1.0% 4.6% 9.7% 22.6% 31.4% 15.2% 20.0% 23.2% −2.0% 16.2%
Free-cash-flow margin 6.4% 9.2% 11.5% 7.9% 3.6% −2.3% −0.8% 1.7% 8.3% 9.4% 4.3% 16.2% 22.1% 14.0% 20.6% 22.5% 16.3% 18.4%
Cash flow
Cash from operations 61 104 142 128 83 −12 10 40 98 114 90 267 567 603 930 992 710 814
Capital spending 20 31 28 40 40 16 18 22 13 12 37 42 56 104 116 69 51 60
Free cash flow 41 73 115 89 43 −28 −9 18 85 102 53 225 511 499 815 923 659 754
Stock-based pay 15 7 9 11 12 13 11 11 10 13 14 16 38 31 29 33 37 45
Free cash flow after stock pay 26 66 106 77 31 −40 −20 7 75 89 39 209 473 468 786 890 622 709
Balance sheet
Cash 77 146 258 294 317 268 143 148 172 123 108 136 213 192 149 180 130 163
Total debt 0 2 2 7 17 12 6 2 1 120 205 180 785 2,375 1,710 1,390 1,262 1,313
Net debt (negative = net cash) −77 −144 −255 −288 −300 −256 −137 −145 −171 −3 97 44 572 2,183 1,561 1,210 1,132 1,150
Diluted shares — 88m 90m — 89m 85m 76m 73m 72m 68m 72m 69m 64m 62m 62m 60m 54m 50m
Returned to shareholders
Buybacks — — — 25 13 146 86 0 50 63 147 171 1,000 0 175 552 582 686
Total returned — — — 25 13 146 86 0 50 63 147 171 1,000 0 175 552 582 686

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $4.3bn
Short-term assets $1.0bnLonger-term assets $3.3bn
What it owes, and who funded it · $4.3bn
Short-term liabilities $714mLonger-term liabilities $2.2bnShareholders' equity $1.3bn
  • Short-term assets cover short-term liabilities $1.0bn of assets due within a year against $714m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.0bn short-term assets against $2.2bn of longer-dated liabilities.
  • More cash than debt $163m of cash against $1.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 96% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 817% to 96% over five years.
  • A year's operating cash flow covers at least 20% of debt $814m of operating cash flow against $1.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $925m against $81m of interest.

From Crocs, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$686M
Returned to shareholders
91%
of free cash flow
Buybacks, last 3 fiscal years
$1.3B
Diluted share count
−11.3%
year over year
Total shareholder yield
9.7%
dividends 0.0% + buybacks 9.7% of market value
Sales & admin spending
36.9%
of revenue
Days sales outstanding
32 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in footwear
Last 12 months unless stated CROX ONON DECK CAL SHOO BIRK Median
Revenue, last 12 months $4.1bn $3.6bn $5.6bn $2.8bn $2.7bn $2.3bn $2.5bn
Revenue growth, last 12 months 0.7% 38.1% 6.3% 7.3% 18.2% 18.6% 7.2%
Revenue growth, 3-year average 1.3% — 12.6% −0.1% 12.3% — 0.6%
Revenue growth, latest quarter 4.6% — 3.5% 5.6% 19.1% — 6.8%
Gross margin 59.4% 62.8% 58.9% 46.2% 46.1% 59.1% 48.1%
Operating margin 22.6% 12.5% 23.6% 3.1% 7.5% 26.2% 10.7%
Operating margin, 3-year average 17.6% — 23.4% 4.2% 7.9% — 8.4%
Net margin 16.2% 6.8% 19.0% 1.8% 5.4% 16.6% 6.2%
Cash from operations / revenue 19.8% 11.9% 20.2% 4.1% 9.6% 18.3% 10.8%
Free-cash-flow margin 18.4% 9.5% 18.9% 2.2% 8.2% 14.7% 9.2%
Free-cash-flow margin, 3-year average 19.7% — 18.7% 1.9% 7.8% — 8.1%
Stock pay / revenue 1.1% 2.2% 0.8% 0.4% 1.1% −0.2% 0.8%
Change in share count −11.3% — −7.0% −0.8% 0.7% −0.6% −0.6%

Median of all 10 companies we cover in footwear. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

10 footwear companies
Measure Company Peer median Rank
Revenue growth Growth 0.7% 7.3% 8 of 10
Change in growth rate Growth +2.7pp +2.4pp 4 of 10
Gross margin Profitability 59.4% 49.1% 2 of 10
Operating margin Profitability 22.6% 12.5% 3 of 10
Net margin Profitability 16.2% 6.8% 3 of 10
Free-cash-flow margin Cash generation 18.4% 9.5% 2 of 10
Stock pay as % of revenue Cash generation 1.1% 0.8% 6 of 9
Long-term debt as % of assets Balance sheet 30.1% 23.3% 4 of 5
Change in share count Balance sheet -11.3% -0.6% 1 of 9
Days sales outstanding Balance sheet 32 days 43 days 3 of 8

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Crocs Brand $3.3B 82.3% ▲ 1.5%
HEYDUDE Brand $715M 17.7% ▼ 13.3%
Geography
Region Revenue Share YoY
United States $2.3B 56.0% ▼ 8.9%
Outside the US $1.8B 44.0% ▲ 9.9%

From Crocs, Inc.'s 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.8B
Institutions reporting
498
Shares held vs prior quarter
▼ 0.3%
Positions opened / closed
98 / 60

Top buyers and sellers, Q2 2026: 227 institutions bought and 251 sold ; the biggest buyer was American Century Companies Inc (+614K shares) and the biggest seller Wit Partners Advisory Pte. Ltd (−2.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $561M 4.7M 9.7% ▼ 2.7%
FMR LLC $423M 3.5M 7.3% ▼ 6.6%
Vanguard Capital Management LLC $261M 2.2M 4.5% ▼ 0.6%
Vanguard Portfolio Management LLC $253M 2.1M 4.4% ▲ 0.4%
LSV Asset Management $218M 1.8M 3.8% ▲ 12.3%
State Street Corp $192M 1.6M 3.3% ▼ 0.8%
American Century Companies Inc $178M 1.5M 3.1% ▲ 71.4%
Fuller & Thaler Asset Management, Inc. $157M 1.3M 2.7% ▲ 3.8%
Dimensional Fund Advisors LP $143M 1.2M 2.5% ▼ 16.8%
Citadel Advisors LLC $133M 1.1M 2.3% ▲ 103.8%
Franklin Resources Inc $125M 1.0M 2.2% ▲ 120.3%
Geode Capital Management, LLC $121M 999K 2.1% ▼ 5.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Crocs, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $836,069 5 trades by 3 insiders, last 12 months Insider sales History → $10.2M 12 trades by 3 insiders · 0% under pre-set plans
Net ▼ $9.4M net selling
Insider Date Trade Shares Price Value
Kaplan Beth J Director September 15, 2026 Buy 885 $112.12 $99,226
Smach Thomas J Director September 15, 2026 Buy 680 $111.49 $75,813
Smach Thomas J Director September 10, 2026 Buy 3,000 $109.42 $328,260
Smach Thomas J Director September 10, 2026 Buy 1,000 $109.27 $109,270
Rees Andrew Chief Executive Officer August 10, 2026 Sell 800 $140.02 $112,016
Rees Andrew Chief Executive Officer August 10, 2026 Sell 8,696 $139.39 $1.2M
Rees Andrew Chief Executive Officer August 10, 2026 Sell 9,576 $138.38 $1.3M
Rees Andrew Chief Executive Officer August 7, 2026 Sell 5,796 $137.41 $796,428
Rees Andrew Chief Executive Officer August 7, 2026 Sell 928 $139.04 $129,029
Rees Andrew Chief Executive Officer August 7, 2026 Sell 4,204 $137.96 $579,984
Rees Andrew Chief Executive Officer June 5, 2026 Sell 15,800 $117.94 $1.9M
Rees Andrew Chief Executive Officer June 5, 2026 Sell 9,988 $119.11 $1.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 12, 2026
  • October 30, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Crocs, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Crocs, Inc. in brief

What does Crocs, Inc. do?
Crocs, Inc. is a US-listed company in the footwear industry. Its financial year ends in December.
What is Crocs, Inc.'s stock ticker?
Crocs, Inc. trades under the ticker CROX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Crocs, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Crocs, Inc. reported revenue of $4.1B, 0.7% higher than a year earlier, according to its SEC filings.
What is Crocs, Inc.'s free cash flow?
Crocs, Inc.'s free-cash-flow margin is 18.4% of revenue over the trailing twelve months, ranking 2 of the 10 footwear companies we cover.
What is Crocs, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Crocs, Inc.'s free cash flow after stock-based pay gives ~$290 per share in the base case, and ~$210–$390 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Crocs, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Crocs, Inc. buying back stock, and does it pay a dividend?
Crocs, Inc. spent $686M on share repurchases over the trailing twelve months, and its diluted share count fell 11.3% over the year.
What is Crocs, Inc.'s market cap?
On November 2, 2026, Crocs, Inc.'s market capitalisation was about $7.6B, with a price-to-earnings ratio of 11.5 and net debt of $1.1B. Market figures come from third-party market data and may be delayed.
How much debt does Crocs, Inc. have?
Crocs, Inc.'s debt-to-equity ratio is 95.8%, from its latest balance sheet (816.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Crocs, Inc.'s competitors?
In our Footwear peer group, the companies closest to Crocs, Inc. are On Holding AG, Deckers Brands, Caleres Inc, Steven Madden, LTD. and Birkenstock Holding plc. The side-by-side comparison below sets their revenue, margins and growth against Crocs, Inc.'s.
Are insiders buying or selling Crocs, Inc. stock?
Over the last 12 months, Crocs, Inc.'s directors and officers reported 5 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Crocs, Inc.'s next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Crocs, Inc. announces its own schedule.