DECKERS OUTDOOR CORP, 10-Q filed on 2/3/2026
Quarterly Report
v3.25.4
COVER PAGE - shares
 9 Months Ended
Dec. 31, 2025
Jan. 13, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2025  
Document Transition Report false  
Entity File Number 001-36436  
Entity Registrant Name DECKERS OUTDOOR CORP  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 95-3015862  
Entity Address, Address Line One 250 Coromar Drive  
Entity Address, City or Town Goleta  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 93117  
City Area Code 805  
Local Phone Number 967-7611  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Trading Symbol DECK  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   141,949,971
Entity Central Index Key 0000910521  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --03-31  
v3.25.4
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
ASSETS    
Cash and cash equivalents $ 2,086,746 $ 1,889,188
Trade accounts receivable, net of allowances ($49,395 and $32,883 as of December 31, 2025, and March 31, 2025, respectively) 344,325 332,872
Inventories 633,485 495,226
Prepaid expenses 49,699 39,294
Other current assets 160,451 67,282
Income tax receivable 7,684 36,613
Total current assets 3,282,390 2,860,475
Property and equipment, net of accumulated depreciation ($442,579 and $402,964 as of December 31, 2025, and March 31, 2025, respectively) 333,572 325,599
Operating lease assets 300,902 237,352
Goodwill 13,990 13,990
Other intangible assets, net of accumulated amortization ($26,073 and $25,014 as of December 31, 2025, and March 31, 2025, respectively) 15,652 15,699
Deferred tax assets, net 93,681 77,591
Other assets 61,963 39,546
Total assets 4,102,150 3,570,252
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Trade accounts payable 598,497 417,955
Accrued payroll 86,935 125,417
Operating lease liabilities (Note 5) 76,771 54,453
Other accrued expenses 236,668 142,120
Income tax payable 142,116 23,299
Value added tax payable 8,456 6,697
Total current liabilities 1,149,443 769,941
Long-term operating lease liabilities (Note 5) 266,111 222,522
Income tax liability 15,524 13,587
Other long-term liabilities 61,618 51,189
Total long-term liabilities 343,253 287,298
Commitments and contingencies (Note 5)
Stockholders’ equity    
Common stock ($0.01 par value per share; 750,000 shares authorized; 142,331 and 150,201 shares issued and outstanding as of December 31, 2025, and March 31, 2025, respectively) 1,423 1,502
Additional paid-in capital 279,114 253,466
Retained earnings 2,374,985 2,307,699
Accumulated other comprehensive loss (Note 8) (46,068) (49,654)
Total stockholders’ equity 2,609,454 2,513,013
Total liabilities and stockholders’ equity $ 4,102,150 $ 3,570,252
v3.25.4
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Statement of Financial Position [Abstract]    
Trade accounts receivable, allowances $ 49,395 $ 32,883
Accumulated depreciation 442,579 402,964
Accumulated amortization and impairments $ 26,073 $ 25,014
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized shares (in shares) 750,000 750,000
Common stock, issued shares (in shares) 142,331 150,201
Common stock, outstanding shares (in shares) 142,331 150,201
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]        
Net sales (Note 2 and Note 10) $ 1,957,549 $ 1,827,165 $ 4,352,927 $ 3,963,832
Cost of sales 786,189 724,542 1,839,839 1,657,937
Gross profit 1,171,360 1,102,623 2,513,088 2,305,895
Selling, general, and administrative expenses (Note 10) 556,994 535,349 1,406,914 1,300,728
Income from operations (Note 10) 614,366 567,274 1,106,174 1,005,167
Interest income (13,523) (15,978) (47,275) (48,027)
Interest expense 1,069 610 2,525 2,792
Other income, net (93) (1,300) (1,411) (1,605)
Total other income, net (12,547) (16,668) (46,161) (46,840)
Income before income taxes 626,913 583,942 1,152,335 1,052,007
Income tax expense (Note 4) 145,768 127,208 263,835 237,327
Net income 481,145 456,734 888,500 814,680
Other comprehensive income (loss), net of tax        
Unrealized gain (loss) on cash flow hedges 4,517 6,021 (5,564) 2,555
Foreign currency translation (loss) gain (1,474) (17,707) 9,150 (7,266)
Total other comprehensive income (loss), net of tax 3,043 (11,686) 3,586 (4,711)
Comprehensive income $ 484,188 $ 445,048 $ 892,086 $ 809,969
Net income per share        
Basic (in dollars per share) $ 3.34 $ 3.01 $ 6.05 $ 5.35
Diluted (in dollars per share) $ 3.33 $ 3.00 $ 6.04 $ 5.33
Weighted-average common shares outstanding (Note 9)        
Basic (in shares) 144,076 151,820 146,929 152,307
Diluted (in shares) 144,289 152,386 147,202 152,924
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Mar. 31, 2024   153,554,000      
Beginning balance at Mar. 31, 2024 $ 2,107,468 $ 1,536 $ 243,050 $ 1,913,615 $ (50,733)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   2,000      
Stock-based compensation 8,231   8,231    
Shares issued upon vesting (in shares)   6,000      
Shares issued upon vesting 0        
Exercise of stock options (in shares)   54,000      
Exercise of stock options 601 $ 1 600    
Shares withheld for taxes (495)   (495)    
Repurchases of common stock (Note 8) (in shares)   (1,062,000)      
Repurchases of common stock (Note 8) (151,967) $ (11)   (151,956)  
Excise taxes related to repurchases of common stock (1,181)     (1,181)  
Net income 115,625     115,625  
Total other comprehensive (loss) income (3,800)       (3,800)
Ending balance (in shares) at Jun. 30, 2024   152,554,000      
Ending balance at Jun. 30, 2024 2,074,482 $ 1,526 251,386 1,876,103 (54,533)
Beginning balance (in shares) at Mar. 31, 2024   153,554,000      
Beginning balance at Mar. 31, 2024 $ 2,107,468 $ 1,536 243,050 1,913,615 (50,733)
Increase (Decrease) in Stockholders' Equity          
Repurchases of common stock (Note 8) (in shares) (2,022,299)        
Repurchases of common stock (Note 8) $ (301,011)        
Net income 814,680        
Total other comprehensive (loss) income (4,711)        
Ending balance (in shares) at Dec. 31, 2024   151,770,000      
Ending balance at Dec. 31, 2024 2,630,919 $ 1,518 259,947 2,424,898 (55,444)
Beginning balance (in shares) at Jun. 30, 2024   152,554,000      
Beginning balance at Jun. 30, 2024 2,074,482 $ 1,526 251,386 1,876,103 (54,533)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   2,000      
Stock-based compensation 11,657   11,657    
Shares issued upon vesting (in shares)   129,000      
Shares issued upon vesting 1,638 $ 1 1,637    
Exercise of stock options (in shares)   9,000      
Exercise of stock options 93   93    
Shares withheld for taxes (12,561)   (12,561)    
Repurchases of common stock (Note 8) (in shares)   (686,000)      
Repurchases of common stock (Note 8) (104,323) $ (7)   (104,316)  
Excise taxes related to repurchases of common stock (843)     (843)  
Net income 242,321     242,321  
Total other comprehensive (loss) income 10,775       10,775
Ending balance (in shares) at Sep. 30, 2024   152,008,000      
Ending balance at Sep. 30, 2024 2,223,239 $ 1,520 252,212 2,013,265 (43,758)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   2,000      
Stock-based compensation 8,653   8,653    
Shares issued upon vesting (in shares)   8,000      
Shares issued upon vesting 0        
Exercise of stock options (in shares)   27,000      
Exercise of stock options 274   274    
Shares withheld for taxes (1,192)   (1,192)    
Repurchases of common stock (Note 8) (in shares)   (275,000)      
Repurchases of common stock (Note 8) (44,721) $ (2)   (44,719)  
Excise taxes related to repurchases of common stock (382)     (382)  
Net income 456,734     456,734  
Total other comprehensive (loss) income (11,686)       (11,686)
Ending balance (in shares) at Dec. 31, 2024   151,770,000      
Ending balance at Dec. 31, 2024 $ 2,630,919 $ 1,518 259,947 2,424,898 (55,444)
Beginning balance (in shares) at Mar. 31, 2025 150,201,000 150,201,000      
Beginning balance at Mar. 31, 2025 $ 2,513,013 $ 1,502 253,466 2,307,699 (49,654)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   3,000      
Stock-based compensation 8,553   8,553    
Shares issued upon vesting (in shares)   4,000      
Shares issued upon vesting 0        
Shares withheld for taxes (237)   (237)    
Repurchases of common stock (Note 8) (in shares)   (1,666,000)      
Repurchases of common stock (Note 8) (182,991) $ (17)   (182,974)  
Excise taxes related to repurchases of common stock (1,627)     (1,627)  
Net income 139,203     139,203  
Total other comprehensive (loss) income (8,435)       (8,435)
Ending balance (in shares) at Jun. 30, 2025   148,542,000      
Ending balance at Jun. 30, 2025 $ 2,467,479 $ 1,485 261,782 2,262,301 (58,089)
Beginning balance (in shares) at Mar. 31, 2025 150,201,000 150,201,000      
Beginning balance at Mar. 31, 2025 $ 2,513,013 $ 1,502 253,466 2,307,699 (49,654)
Increase (Decrease) in Stockholders' Equity          
Repurchases of common stock (Note 8) (in shares) (8,019,067)        
Repurchases of common stock (Note 8) $ (813,488)        
Net income 888,500        
Total other comprehensive (loss) income $ 3,586        
Ending balance (in shares) at Dec. 31, 2025 142,331,000 142,331,000      
Ending balance at Dec. 31, 2025 $ 2,609,454 $ 1,423 279,114 2,374,985 (46,068)
Beginning balance (in shares) at Jun. 30, 2025   148,542,000      
Beginning balance at Jun. 30, 2025 2,467,479 $ 1,485 261,782 2,262,301 (58,089)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   2,000      
Stock-based compensation 11,336   11,336    
Shares issued upon vesting (in shares)   126,000      
Shares issued upon vesting 2,228 $ 2 2,226    
Shares withheld for taxes (7,437)   (7,437)    
Repurchases of common stock (Note 8) (in shares)   (2,580,000)      
Repurchases of common stock (Note 8) (281,997) $ (26)   (281,971)  
Excise taxes related to repurchases of common stock (2,709)     (2,709)  
Net income 268,152     268,152  
Total other comprehensive (loss) income 8,978       8,978
Ending balance (in shares) at Sep. 30, 2025   146,090,000      
Ending balance at Sep. 30, 2025 2,466,030 $ 1,461 267,907 2,245,773 (49,111)
Increase (Decrease) in Stockholders' Equity          
Stock-based compensation (in shares)   8,000      
Stock-based compensation 11,602   11,602    
Shares issued upon vesting (in shares)   6,000      
Shares issued upon vesting 0        
Shares withheld for taxes (395)   (395)    
Repurchases of common stock (Note 8) (in shares)   (3,773,000)      
Repurchases of common stock (Note 8) (348,500) $ (38)   (348,462)  
Excise taxes related to repurchases of common stock (3,471)     (3,471)  
Net income 481,145     481,145  
Total other comprehensive (loss) income $ 3,043       3,043
Ending balance (in shares) at Dec. 31, 2025 142,331,000 142,331,000      
Ending balance at Dec. 31, 2025 $ 2,609,454 $ 1,423 $ 279,114 $ 2,374,985 $ (46,068)
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
OPERATING ACTIVITIES    
Net income $ 888,500 $ 814,680
Reconciliation of net income to net cash provided by (used in) operating activities:    
Depreciation, amortization, and accretion 57,141 50,911
Amortization on cloud computing arrangements 1,677 1,858
Bad debt expense 3,808 5,294
Deferred tax (benefit) expense (13,714) 5,791
Stock-based compensation 31,703 28,774
Loss on disposal of assets 990 3,022
Impairment of property and equipment and cloud computing arrangements 127 3,699
Changes in operating assets and liabilities:    
Trade accounts receivable, net (15,262) (11,809)
Inventories (138,259) (105,787)
Prepaid expenses and other current assets (105,415) 2,502
Income tax receivable 28,929 16,364
Net operating lease assets and lease liabilities 1,828 (2,791)
Other assets (23,873) (6,161)
Trade accounts payable 185,956 206,893
Other accrued expenses 54,201 64,307
Income tax payable 118,817 46,781
Other long-term liabilities 8,959 (6,813)
Net cash provided by operating activities 1,086,113 1,117,515
INVESTING ACTIVITIES    
Purchases of property and equipment (67,541) (69,729)
Proceeds from sale of assets 11 11,168
Net cash used in investing activities (67,530) (58,561)
FINANCING ACTIVITIES    
Proceeds from issuance of stock 2,228 1,638
Proceeds from exercise of stock options 0 968
Repurchases of common stock (813,488) (301,011)
Cash paid for excise taxes related to repurchases of common stock (5,042) (3,985)
Cash paid for shares withheld for taxes (8,069) (14,248)
Net cash used in financing activities (824,371) (316,638)
Effect of foreign currency exchange rates on cash and cash equivalents 3,346 (3,444)
Net change in cash and cash equivalents 197,558 738,872
Cash and cash equivalents at beginning of period 1,889,188 1,502,051
Cash and cash equivalents at end of period 2,086,746 2,240,923
Cash paid during the period    
Income taxes 136,879 182,282
Interest 1,745 1,246
Operating leases 67,353 52,165
Non-cash investing activities    
Changes in trade accounts payable and other accrued expenses for purchases of property and equipment (5,414) 979
Accrued for asset retirement obligation assets related to leasehold improvements 2,408 1,399
Non-cash financing activities    
Accrued excise taxes related to repurchases of common stock $ 7,807 $ 2,406
v3.25.4
GENERAL
 9 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GENERAL GENERAL
The Company. Deckers Outdoor Corporation and its wholly owned 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’s five proprietary brands include the HOKA, UGG, Teva, Koolaburra, and AHNU brands. Refer to the section below entitled “Reportable Operating Segments” for information regarding the phase out of standalone operations for the Koolaburra and AHNU brands, and the prior sale of the Sanuk brand.
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. Independent third-party contractors manufacture all of the Company’s products.
Basis of Presentation. The unaudited condensed consolidated financial statements and accompanying notes thereto (referred to herein as condensed consolidated financial statements) as of December 31, 2025, and for the three and nine months ended December 31, 2025 (current period), and 2024 (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 the end of the prior fiscal year, 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 2025 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.
Reportable Operating Segments. As of December 31, 2025, 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, Koolaburra brand, and AHNU brand) (collectively, the Company’s reportable operating segments). The Other brands reportable operating segment includes current and historical results of brands previously sold and brands for which standalone operations have been phased out, as discussed below.
Consistent with the Company’s continuous focus on pursuing its most profitable long-term opportunities, management has taken the following strategic actions to streamline its brand portfolio:
•During the second quarter of its current fiscal year, the Company began taking steps to phase out standalone operations for the AHNU brand. The Company closed Ahnu.com as of October 1, 2025, and substantially completed the phase out of the AHNU brand in the wholesale channel during the current period. The Company did not incur material exit costs or obligations associated with this plan.
•During the third quarter of its prior fiscal year, the Company began taking steps to phase out standalone operations for the Koolaburra brand. The Company closed Koolaburra.com as of the end of the prior fiscal year and substantially completed the phase out of the Koolaburra brand in the wholesale channel during the current period. The Company did not incur material exit costs or obligations associated with this plan.
•The Company completed the sale of the Sanuk brand during the second quarter of its prior fiscal year. The financial results for the Company’s reportable operating segments present the former Sanuk brand within the Other brands reportable operating segment through the Sanuk Brand Sale Date.
Refer to Note 10, “Reportable Operating Segments,” for further information on the Company’s reportable operating segments.
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 that management believes to be reasonable. In addition, the Company has considered the potential impact of macroeconomic factors, including inflation, changes in tariff rates, foreign currency exchange rate volatility, changes in interest rates, changes in commodity pricing, changes in discretionary spending, and recessionary concerns, on its business and operations. Although the full impact of these factors 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. Refer to Note 1, “General,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information on the significant areas requiring the use of management estimates and assumptions.
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, the Company has mitigated the impacts of seasonality by diversifying and expanding product offerings with additional year-round styles. In addition, as the HOKA brand’s net sales, which generally occur more evenly throughout the fiscal year, continue to increase as a percentage of the Company’s aggregate net sales, the Company expects to reduce the impacts of seasonality in future periods.
Supplier Finance Program. As of December 31, 2025, and March 31, 2025, the Company had immaterial balances outstanding related to the Supplier Finance Program (SFP) that are presented in trade accounts payable in the condensed consolidated balance sheets. Refer to Note 14, “Supplier Finance Program,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information regarding the SFP.
Recent Accounting Pronouncements. Other than those outlined below, there have been no developments with respect to recently issued accounting standards relative to those disclosed in the 2025 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. The adoption of Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures, is not expected to have an impact on the Company’s annual consolidated balance sheets, statements of comprehensive income, or cash flows, as it pertains to annual disclosures only.
Not Yet Adopted. The following is a summary of each ASU that has been issued during the nine months ended December 31, 2025, and is applicable to the Company, but which has not yet been adopted, as well as the planned period of adoption, and the expected impact on the Company upon adoption:
StandardDescriptionPlanned Period of AdoptionExpected Impact on Adoption
ASU 2025-05 - Measurement of Credit Losses for Accounts Receivable and Contract Assets
This ASU provides a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses on trade accounts receivable and contract assets. This ASU is effective on a prospective basis for fiscal years beginning after December 15, 2025. Early adoption is permitted.
Q1 FY 2027
The Company is currently evaluating the impact of the adoption of this ASU on its annual consolidated financial statements and interim condensed consolidated financial statements.
ASU 2025-06 - Internal-Use Software
This ASU amends recognition and disclosure guidance for internal-use software costs, removing the previous software development stage model with a more principles-based, probable-to-complete recognition threshold. This ASU is effective on either a retrospective, prospective, or modified prospective basis, for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted.
Q1 FY 2029
The Company is currently evaluating the impact of the adoption of this ASU on its annual consolidated financial statements and interim condensed consolidated financial statements.
ASU 2025-09 - Derivatives and Hedging (Topic 815): Hedge Accounting Improvements
This ASU clarifies and improves certain aspects of hedge accounting, including guidance on the assessment of similar risk exposure for groups of forecasted transactions related to cash flow hedges and other targeted amendments intended to better align hedge accounting with an entity’s risk management activities. This ASU is effective on a prospective basis for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted.
Q1 FY 2028
The Company is currently evaluating the impact of the adoption of this ASU on its annual consolidated financial statements and interim condensed consolidated financial statements.
ASU 2025-11 - Interim Reporting: Narrow-Scope Improvements
This ASU requires disclosure of events since the most recent annual reporting period that have a material impact on interim results, provides a comprehensive list of required interim disclosures, and clarifies the form and content requirements for interim financial statements. This ASU is effective on either a prospective or retrospective basis for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.
Q1 FY 2029
The Company is currently evaluating the impact of the adoption of this ASU on disclosures in its interim condensed consolidated financial statements.
v3.25.4
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS
 9 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS
Disaggregated Revenue. Refer to Note 10, “Reportable Operating Segments,” for further information on the Company’s disaggregation of revenue by reportable operating segment.
Channel Concentration. Net sales by channel was as follows:
 Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Wholesale$864,570 $815,828 $2,553,163 $2,244,263 
Direct-to-Consumer1,092,979 1,011,337 1,799,764 1,719,569 
Total$1,957,549 $1,827,165 $4,352,927 $3,963,832 
Geographic Concentration. Net sales by geography was as follows:
 Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Domestic$1,200,889 $1,169,291 $2,541,677 $2,539,057 
International756,660 657,874 1,811,250 1,424,775 
Total$1,957,549 $1,827,165 $4,352,927 $3,963,832 
For the three and nine months ended December 31, 2025, and 2024, no single foreign country comprised 10.0% or more of the Company’s total net sales.
Customer Concentration. For the three and nine months ended December 31, 2025, and 2024, no single global customer comprised 10.0% or more of the Company’s total net sales. As of December 31, 2025, the Company has one customer that represents 12.0% of trade accounts receivable, net, compared to one customer that represents 13.6% of trade accounts receivable, net, as of March 31, 2025. Management performs regular evaluations concerning the ability of the Company’s customers to satisfy their obligations to the Company and recognizes an allowance for doubtful accounts based on these evaluations.
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:
Sales Return Asset
Sales Return Liability
Balance, March 31, 2025$21,120 $(63,462)
Net additions to sales return liability (1)
66,243 (269,629)
Actual returns(50,963)213,633 
Balance, December 31, 2025$36,400 $(119,458)
Sales Return Asset
Sales Return Liability
Balance, March 31, 2024$13,866 $(55,327)
Net additions to sales return liability (1)
63,580 (266,277)
Actual returns(47,842)216,359 
Balance, December 31, 2024$29,604 $(105,245)
(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.
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:
Nine Months Ended December 31,
20252024
Beginning balance
$(18,566)$(17,586)
Redemptions and expirations for loyalty certificates and points recognized in net sales66,809 45,884 
Deferred revenue for loyalty points and certificates issued(87,347)(56,363)
Ending balance
$(39,104)$(28,065)
Deferred Revenue. Activity related to deferred revenue was as follows:
Nine Months Ended December 31,
20252024
Beginning balance$(27,305)$(9,591)
Additions of customer cash payments(71,472)(69,422)
Revenue recognized75,571 60,217 
Ending balance$(23,206)$(18,796)
Refer to Note 2, “Revenue Recognition,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information on the Company’s variable consideration accounting policies, including sales return asset and liability, as well as contract liabilities.
v3.25.4
FAIR VALUE MEASUREMENTS
 9 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value on a recurring basis. Refer to Note 4, “Fair Value Measurements,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information on the Company’s fair value accounting policies.
Assets and liabilities that are measured on a recurring basis at fair value in the condensed consolidated balance sheets are as follows:
As ofMeasured Using
December 31, 2025Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds$1,699,688 $1,699,688 $— $— 
Other current assets:
Designated Derivative Contracts asset
432 — 432 — 
Non-Designated Derivative Contracts asset37 — 37 — 
Other assets:
Designated Derivative Contracts asset
111 — 111 — 
Non-qualified deferred compensation asset23,524 23,524 — — 
Total assets measured at fair value$1,723,792 $1,723,212 $580 $— 
Liabilities:
Other accrued expenses:
Designated Derivative Contracts liability
$(5,558)$— $(5,558)$— 
Non-qualified deferred compensation liability(2,082)(2,082)— — 
Other long-term liabilities:
Designated Derivative Contracts liability
(235)— (235)— 
Non-qualified deferred compensation liability(30,308)(30,308)— — 
Total liabilities measured at fair value$(38,183)$(32,390)$(5,793)$— 
As ofMeasured Using
March 31, 2025Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds
$1,485,555 $1,485,555 $— $— 
Other current assets:
Designated Derivative Contracts asset
2,163 — 2,163 — 
Non-Designated Derivative Contracts asset
75 — 75 — 
Other assets:
Non-qualified deferred compensation asset
16,967 16,967 — — 
Total assets measured at fair value$1,504,760 $1,502,522 $2,238 $— 
As ofMeasured Using
March 31, 2025Level 1Level 2Level 3
Liabilities:
Other accrued expenses:
Designated Derivative Contracts liability
$(64)$— $(64)$— 
Non-qualified deferred compensation liability(2,345)(2,345)— — 
Other long-term liabilities:
Non-qualified deferred compensation liability(22,793)(22,793)— — 
Total liabilities measured at fair value$(25,202)$(25,138)$(64)$— 
The fair value of Designated Derivative Contracts and Non-Designated Derivative Contracts is determined using quoted forward spot rates at the end of the applicable reporting period from counterparties, which are corroborated by market-based pricing (Level 2), with related assets and liabilities recorded in other current assets and other accrued expenses, respectively, in the condensed consolidated balance sheets. Refer to Note 7, “Derivative Instruments,” for further information, including the definition of the terms Designated Derivative Contracts and Non-Designated Derivative Contracts.
v3.25.4
INCOME TAXES
 9 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income tax expense and the effective income tax rate were as follows:
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Income tax expense$145,768 $127,208 $263,835 $237,327 
Effective income tax rate23.3 %21.8 %22.9 %22.6 %
The tax provisions during the three and nine months ended December 31, 2025, and 2024, were computed using the estimated effective income tax rate applicable to each of the domestic and foreign taxable jurisdictions for the current fiscal year, and prior fiscal year, respectively, and were adjusted for discrete items that occurred within the periods presented above.
During the three months ended December 31, 2025, the net change in the effective income tax rate, compared to the prior period, was primarily due to jurisdictional mix of worldwide income before income taxes, as well as non-recurring tax benefits for audit settlements in the prior period and reduced tax benefits from net discrete items, including a change in return-to-provision adjustments and stock-based compensation; partially offset by changes in valuation allowances on tax attributes.
During the nine months ended December 31, 2025, the net change in the effective income tax rate, compared to the prior period, was primarily due to jurisdictional mix of worldwide income before income taxes, as well as reduced tax benefits from net discrete items, including for stock-based compensation and reserve adjustments; partially offset by changes in valuation allowances on tax attributes.
Changes in Tax Law. The Company has evaluated and is currently monitoring the impact of recent tax law changes on its condensed consolidated financial statements for the following:
•On July 4, 2025, H.R. 1, also known as the One Big Beautiful Bill Act (OBBBA), was signed into law. The OBBBA includes, among other provisions, changes to US corporate income tax law, including restoration of accelerated depreciation on capital expenditures, deductible research and development expenses, and modifications to the international tax framework. The OBBBA has multiple effective dates, with certain provisions effective in the current fiscal year and others effective in fiscal year ending March 31, 2027. The Company has estimated the tax effects of OBBBA, which did not have a material impact on its condensed consolidated financial statements during the current period, while providing cash tax benefits in the current fiscal year due to accelerated tax deductions.
•Various jurisdictions in which the Company operates have enacted legislation in response to Pillar Two model rules (Pillar Two) that were previously released by the Organization for Economic Co-operation and Development (commonly known as OECD). The impact of the Pillar Two legislation during the current period did not have a material impact on the Company’s condensed consolidated financial statements. The Company will continue to monitor Pillar Two developments and reflect the impact of legislative changes in future periods.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Leases. The Company enters into operating lease contracts, which primarily relate to retail stores, showrooms, offices, and distribution facilities. There were no material changes outside the ordinary course of business during the nine months ended December 31, 2025, to the Company’s operating lease terms disclosed in the 2025 Annual Report.
Supplemental information for amounts presented in the condensed consolidated statements of cash flows related to operating leases was as follows:
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Non-cash operating activities (1)
Operating lease assets obtained in exchange for lease liabilities$18,250 $23,814 $119,250 $39,912 
Reductions to operating lease assets for reductions to lease liabilities
(11)(229)(2,692)(1,350)
(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 predominately include investments in the Company’s global retail store footprint that are in the ordinary course of business.
As of December 31, 2025, operating lease liabilities recorded in the condensed consolidated balance sheets exclude an aggregate of $86,785 of undiscounted minimum lease payments due pursuant to leases signed during the nine months ended December 31, 2025 but not yet commenced, which primarily relate to leases for new retail stores that the Company expects will commence during the first half of calendar year 2027.
Purchase Obligations. Except as noted below, there were no material changes outside the ordinary course of business during the nine months ended December 31, 2025, to the Company’s purchase obligations disclosed in the 2025 Annual Report.
3PL Agreements. During the nine months ended December 31, 2025, the Company entered into a 3PL service agreement with a non-cancellable minimum commitment of approximately $93,611 payable through March 31, 2029, related to the transition of one of its international 3PLs to a new partner with an upgraded warehouse management system which the Company expects to be operational in the first quarter of its fiscal year ending March 31, 2027 (next fiscal year).
Litigation. From time to time, the Company is involved in various legal proceedings, disputes, and other claims arising in the ordinary course of business, including employment, intellectual property, and product liability claims. Although the results of these matters cannot be predicted with certainty, the Company believes it is not currently a party to any legal proceedings, disputes, or other claims for which a material loss is considered probable and for which the amount (or range) of loss is reasonably estimable.
Refer to Note 7, “Commitments and Contingencies,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information on the Company’s contractual obligations and commitments.
v3.25.4
STOCK-BASED COMPENSATION
 9 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock Incentive Plans. The 2024 Stock Incentive Plan (2024 SIP) provides for the issuance of a variety of stock-based compensation awards, including time-based restricted stock units (RSUs), performance-based restricted stock units (PSUs), long-term incentive plan PSUs (LTIP PSUs), stock appreciation rights, stock bonuses, incentive stock options (ISOs), and non-qualified stock options, to employees, directors, consultants, independent contractors, and advisors. In September 2024, the 2024 SIP replaced the 2015 Stock Incentive Plan (2015 SIP).
Refer to Note 8, “Stock-Based Compensation,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information about the terms of the 2024 SIP and 2015 SIP.
Annual Stock Awards. The Company granted the following awards during the periods presented:
Nine Months Ended December 31,
20252024
Award Type
Number of Shares
Weighted-Average Grant Date Fair Value
Number of Shares
Weighted-Average Grant Date Fair Value
RSUs315,680 $102.83 159,891 $159.73 
LTIP PSUs (1)
137,430 103.90 72,213 173.09 
(1) The amounts reported reflect achievement of the target performance level under the terms of the applicable LTIP PSUs.
During the nine months ended December 31, 2025, with the exception of the RSU and LTIP PSU awards summarized above, no material additional awards were granted under the 2024 SIP.
Future unrecognized stock-based compensation for RSUs outstanding as of December 31, 2025, is $34,438.
For the LTIP PSUs granted during the current fiscal year, prior fiscal year, and fiscal year ended March 31, 2024, the Company expects to exceed the minimum threshold target performance criteria based on the Company’s current long-range forecast as of December 31, 2025. Future unrecognized stock-based compensation for all LTIP PSUs outstanding as of December 31, 2025, based on the anticipated performance level, is $25,724.
Refer to Note 8, “Stock-Based Compensation,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information on the Company’s prior grants of stock-based compensation awards.
v3.25.4
DERIVATIVE INSTRUMENTS
 9 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
The Company enters into foreign currency forward or option contracts (derivative contracts) to manage foreign currency risk and certain of these derivative contracts are designated as cash flow hedges of forecasted sales (Designated Derivative Contracts). The Company also enters into derivative contracts that are not designated as cash flow hedges, to offset a portion of anticipated gains and losses on certain intercompany balances until the expected time of repayment (Non-Designated Derivative Contracts). Refer to Note 1, “General,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information related to accounting policies on the Company’s derivative contracts.
The Company has the following derivative contracts recorded at fair value in the condensed consolidated balance sheets:
December 31, 2025
Designated Derivative Contracts
Non-Designated Derivative Contracts
Total
Notional value$311,230 $14,630 $325,860 
Fair value recorded in other current assets432 37 469 
Fair value recorded in other assets111 — 111 
Fair value recorded in other accrued expenses(5,558)— (5,558)
Fair value recorded in other long-term liabilities(235)— (235)
March 31, 2025
Designated Derivative Contracts
Non-Designated Derivative Contracts
Total
Notional value$367,695 $14,018 $381,713 
Fair value recorded in other current assets2,163 75 2,238 
Fair value recorded in other accrued expenses(64)— (64)
As of December 31, 2025, five counterparties hold the Company’s outstanding derivative contracts, which are expected to mature in the next 15 months. As of March 31, 2025, five counterparties held the Company’s outstanding derivative contracts.
The following table summarizes changes in unrealized (loss) gain on cash flow hedges included in accumulated other comprehensive loss (AOCL), including the effect of Designated Derivative Contracts and the related income tax effects of unrealized gains or losses that are recorded in OCI in the condensed consolidated statements of comprehensive income:
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Beginning balance
$(8,497)$(3,466)$1,584 $— 
Gain (loss) recorded in OCI1,765 6,575 (19,996)2,219 
Reclassifications from AOCL into net sales4,192 1,389 12,648 1,161 
Income tax (expense) benefit in OCI(1,440)(1,943)1,784 (825)
Ending balance
$(3,980)$2,555 $(3,980)$2,555 
The non-performance risk of the Company and its counterparties did not have a material impact on the fair value of its derivative contracts. As of December 31, 2025, the amount of unrealized loss on derivative contracts recorded in AOCL is expected to be reclassified into net sales within the next 15 months. Refer to Note 8, “Stockholders’ Equity,” for further information on the components of AOCL.
Subsequent to December 31, 2025, through January 13, 2026, the Company entered into Designated Derivative Contracts with notional values totaling $31,071, which are expected to mature within the next 15 months and are held by one counterparty.
v3.25.4
STOCKHOLDERS’ EQUITY
 9 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Stock Repurchase Program. The Company’s Board of Directors (Board) has approved various authorizations under the Company’s stock repurchase program to repurchase shares of its common stock in the open market or in privately negotiated transactions, subject to market conditions, applicable legal requirements, and other factors (collectively, the stock repurchase program). The Board last approved an authorization of $2,250,000 on May 21, 2025, to repurchase shares of the Company’s common stock under the same conditions as the prior stock repurchase program. As of December 31, 2025, the aggregate remaining approved amount under the stock repurchase program is $1,811,214. The stock repurchase program does not obligate the Company to acquire any amount of common stock and may be suspended at any time at the Company’s discretion.
Stock repurchase activity under the stock repurchase program was as follows:
Nine Months Ended December 31,
20252024
Total number of shares repurchased (1)
8,019,067 2,022,299 
Weighted average price per share
$101.44 $148.85 
Dollar value of shares repurchased (2) (3)
$813,488 $301,011 
(1) All share repurchases were made pursuant to the stock repurchase program in open-market transactions.
(2) May not calculate on rounded amounts.
(3) The dollar value of shares repurchased excludes the cost of broker commissions, excise taxes, and other costs.
Subsequent to December 31, 2025, through January 13, 2026, the Company repurchased 381,039 shares at a weighted average price of $104.98 per share for $40,000 and had $1,771,214 remaining authorized under the stock repurchase program.
Accumulated Other Comprehensive Loss. The components within AOCL, net of tax, recorded in the condensed consolidated balance sheets, are as follows:
 December 31, 2025March 31, 2025
Unrealized (loss) gain on cash flow hedges$(3,980)$1,584 
Cumulative foreign currency translation loss(42,088)(51,238)
Total $(46,068)$(49,654)
v3.25.4
BASIC AND DILUTED SHARES
 9 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
BASIC AND DILUTED SHARES BASIC AND DILUTED SHARES
The reconciliation of basic to diluted weighted-average common shares outstanding was as follows:
 Three Months Ended December 31,Nine Months Ended December 31,
 2025202420252024
Basic144,076,000 151,820,000 146,929,000 152,307,000 
Dilutive effect of equity awards213,000 566,000 273,000 617,000 
Diluted144,289,000 152,386,000 147,202,000 152,924,000 
Excluded
RSUs158,000 — 73,000 16,000 
LTIP PSUs350,000 272,000 350,000 292,000 
Deferred Non-Employee Director Equity Awards7,000 1,000 7,000 1,000 
Employee Stock Purchase Plan5,000 3,000 3,000 — 
Excluded Awards. The equity awards excluded from the calculation of the dilutive effect may be excluded due to one of the following: (1) the shares were antidilutive or (2) the necessary conditions had not been satisfied for the shares to be deemed issuable based on the Company’s performance for the relevant performance period. The number of shares stated for each of these excluded awards is the maximum number of shares issuable pursuant to these awards. For those awards subject to the achievement of performance criteria, the actual number of shares to be issued pursuant to such awards will be based on Company performance in future periods, net of forfeitures, and may be materially lower than the number of shares presented, which could result in a lower dilutive effect. Refer to Note 8, “Stock-Based Compensation,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information on the Company’s equity incentive plans.
v3.25.4
REPORTABLE OPERATING SEGMENTS
 9 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
REPORTABLE OPERATING SEGMENTS REPORTABLE OPERATING SEGMENTS
Information reported to the Chief Operating Decision Maker (CODM), who is the Principal Executive Officer (PEO), is organized into the Company’s three reportable operating segments, which include the brand operations for the HOKA brand, UGG brand, and Other brands.
The Company does not regularly provide total assets or capital expenditures information by reportable operating segments to the CODM because that information is not used to evaluate performance or allocate resources to each reportable operating segment.
Segment Net Sales, Gross Margin, and Income from Operations. The CODM regularly evaluates the performance of each reportable operating segment based on net sales, gross profit as a percentage of net sales (gross margin), and income from operations when making decisions about resource allocations to each reportable operating segment. Income from operations of each reportable operating segment includes certain costs, which are specifically related to each reportable operating segment and that are regularly provided to the CODM. These costs consist of cost of sales; payroll and related expenses, including stock-based compensation; advertising, marketing, and promotion expenses; rent and occupancy; depreciation and other related costs; and other segment items. There are no inter-segment sales for any period presented. The accounting policies applicable to the Company’s reportable operating segments are consistent with those described in Note 1, “General,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report.
Income from operations of each reportable operating segment excludes enterprise and shared brand expenses, as well as total other income, net, which are not used to assess reportable operating segment performance. Unallocated enterprise and shared brand expenses are costs that are managed centrally and not specific to any one brand. These costs are primarily comprised of certain payroll and related expenses, including stock-based compensation; global IT expenses; 3PL service fees; depreciation, rent, and occupancy for owned warehouses and DCs and offices; and other SG&A expenses, such as costs for contract services, materials, supplies, and travel. These costs span multiple functions including owned warehouses and DCs and 3PL service fees, along with enterprise costs, which include centralized commercial operations, IT, finance, human resources, legal, supply chain, and corporate executives.
Reportable operating segment information, with a reconciliation to the condensed consolidated statements of comprehensive income, was as follows:
Three Months Ended December 31, 2025
HOKA
UGG
Other Brands (5)
Total
Net sales$628,882$1,305,475$23,192$1,957,549
Less: Cost of sales (1)
274,678496,55414,957786,189
Segment gross profit354,204808,9218,2351,171,360
Segment gross margin56.3 %62.0 %35.5 %59.8 %
Less: (1)
Payroll and related costs33,68145,4094,58683,676
Advertising, marketing, and promotion expenses63,43996,6692,288162,396
Rent and occupancy11,82626,6772538,528
Depreciation and other related costs (2)
2,2732,94065,219
Other segment items (3)
26,89147,297(2,745)71,443
Segment SG&A expenses138,110218,9924,160361,262
Segment income from operations$216,094$589,929$4,075$810,098
Segment operating margin (4)
34.4 %45.2 %17.6 %41.4 %
Three Months Ended December 31, 2024
HOKA
UGG
Other Brands (5)
Total
Net sales$530,908$1,244,189$52,068$1,827,165
Less: Cost of sales (1)
233,030460,73830,774724,542
Segment gross profit297,878783,45121,2941,102,623
Segment gross margin56.1 %63.0 %40.9 %60.3 %
Less: (1)
Payroll and related costs26,00343,8644,22874,095
Advertising, marketing, and promotion expenses56,39681,5376,121144,054
Rent and occupancy7,31025,5237932,912
Depreciation and other related costs (2)
1,3722,5051173,994
Other segment items (3)
19,86441,1603,38564,409
Segment SG&A expenses110,945194,58913,930319,464
Segment income from operations$186,933$588,862$7,364$783,159
Segment operating margin (4)
35.2 %47.3 %14.1 %42.9 %
Nine Months Ended December 31, 2025HOKAUGG
Other Brands (5)
Total
Net sales$1,916,087$2,330,154$106,686$4,352,927
Less: Cost of sales (1)
820,182960,37059,2871,839,839
Segment gross profit1,095,9051,369,78447,3992,513,088
Segment gross margin57.2 %58.8 %44.4 %57.7 %
Less: (1)
Payroll and related costs94,625117,16013,571225,356
Advertising, marketing, and promotion expenses191,008171,94113,406376,355
Rent and occupancy31,30562,3438193,729
Depreciation and other related costs (2)
5,3569,0145114,421
Other segment items (3)
82,69293,1415,759181,592
Segment SG&A expenses
404,986453,59932,868891,453
Segment income from operations$690,919$916,185$14,531$1,621,635
Segment operating margin (4)
36.1 %39.3 %13.6 %37.3 %
Nine Months Ended December 31, 2024HOKAUGG
Other Brands (5)
Total
Net sales$1,646,982$2,157,005$159,845$3,963,832
Less: Cost of sales (1)
691,678875,73590,5241,657,937
Segment gross profit955,3041,281,27069,3212,305,895
Segment gross margin58.0 %59.4 %43.4 %58.2 %
Less: (1)
Payroll and related costs72,088107,38713,162192,637
Advertising, marketing, and promotion expenses168,275144,98920,337333,601
Rent and occupancy19,82757,18335177,361
Depreciation and other related costs (2)
3,7797,3934,32615,498
Other segment items (3)
58,92377,22310,261146,407
Segment SG&A expenses
322,892394,17548,437765,504
Segment income from operations$632,412$887,095$20,884$1,540,391
Segment operating margin (4)
38.4 %41.1 %13.1 %38.9 %
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Depreciation and other related costs generally include depreciation of property and equipment, amortization and impairment of intangible assets or other long-lived assets, accretion, and loss on disposal of assets.
(3) Other segment items are comprised of other SG&A expenses, which generally include credit card fees, commissions, materials and supplies, travel, certain 3PL service fees, net bad debt expense, and other miscellaneous expenses.
(4) Operating margin is defined as income from operations divided by net sales.
(5) The Other brands reportable operating segment for the three and nine months ended December 31, 2025 includes financial results for the Koolaburra and AHNU brands through their respective phase out dates. The Other brands reportable operating segment for the nine months ended December 31, 2024 includes financial results for the Sanuk brand through the Sanuk Brand Sale Date. Refer to the section titled “Reportable Operating Segments,” in Note 1, “General,” for further information regarding the phase out of standalone operations of the Koolaburra and AHNU brands, and the prior sale of the Sanuk brand.
A reconciliation of reportable segment income from operations to condensed consolidated statements of comprehensive income was as follows:
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Segment income from operations
$810,098 $783,159 $1,621,635 $1,540,391 
Unallocated enterprise and shared brand expenses (1)
(195,732)(215,885)(515,461)(535,224)
Total other income, net12,547 16,668 46,161 46,840 
Consolidated income before income taxes
$626,913 $583,942 $1,152,335 $1,052,007 
(1) The change in reportable operating segments had an impact on segment income from operations, a measure of segment profitability, and a clarification was made that certain prior unallocated overhead costs are defined as unallocated enterprise and shared brand expenses and are excluded from the measure of segment profitability.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
GENERAL (Policies)
 9 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation. The unaudited condensed consolidated financial statements and accompanying notes thereto (referred to herein as condensed consolidated financial statements) as of December 31, 2025, and for the three and nine months ended December 31, 2025 (current period), and 2024 (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 the end of the prior fiscal year, 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 2025 Annual Report.
Consolidation
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.
Reportable Operating Segments
Reportable Operating Segments. As of December 31, 2025, 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, Koolaburra brand, and AHNU brand) (collectively, the Company’s reportable operating segments). The Other brands reportable operating segment includes current and historical results of brands previously sold and brands for which standalone operations have been phased out, as discussed below.
Consistent with the Company’s continuous focus on pursuing its most profitable long-term opportunities, management has taken the following strategic actions to streamline its brand portfolio:
•During the second quarter of its current fiscal year, the Company began taking steps to phase out standalone operations for the AHNU brand. The Company closed Ahnu.com as of October 1, 2025, and substantially completed the phase out of the AHNU brand in the wholesale channel during the current period. The Company did not incur material exit costs or obligations associated with this plan.
•During the third quarter of its prior fiscal year, the Company began taking steps to phase out standalone operations for the Koolaburra brand. The Company closed Koolaburra.com as of the end of the prior fiscal year and substantially completed the phase out of the Koolaburra brand in the wholesale channel during the current period. The Company did not incur material exit costs or obligations associated with this plan.
•The Company completed the sale of the Sanuk brand during the second quarter of its prior fiscal year. The financial results for the Company’s reportable operating segments present the former Sanuk brand within the Other brands reportable operating segment through the Sanuk Brand Sale Date.
Information reported to the Chief Operating Decision Maker (CODM), who is the Principal Executive Officer (PEO), is organized into the Company’s three reportable operating segments, which include the brand operations for the HOKA brand, UGG brand, and Other brands.
The Company does not regularly provide total assets or capital expenditures information by reportable operating segments to the CODM because that information is not used to evaluate performance or allocate resources to each reportable operating segment.
Segment Net Sales, Gross Margin, and Income from Operations. The CODM regularly evaluates the performance of each reportable operating segment based on net sales, gross profit as a percentage of net sales (gross margin), and income from operations when making decisions about resource allocations to each reportable operating segment. Income from operations of each reportable operating segment includes certain costs, which are specifically related to each reportable operating segment and that are regularly provided to the CODM. These costs consist of cost of sales; payroll and related expenses, including stock-based compensation; advertising, marketing, and promotion expenses; rent and occupancy; depreciation and other related costs; and other segment items. There are no inter-segment sales for any period presented. The accounting policies applicable to the Company’s reportable operating segments are consistent with those described in Note 1, “General,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report.
Income from operations of each reportable operating segment excludes enterprise and shared brand expenses, as well as total other income, net, which are not used to assess reportable operating segment performance. Unallocated enterprise and shared brand expenses are costs that are managed centrally and not specific to any one brand. These costs are primarily comprised of certain payroll and related expenses, including stock-based compensation; global IT expenses; 3PL service fees; depreciation, rent, and occupancy for owned warehouses and DCs and offices; and other SG&A expenses, such as costs for contract services, materials, supplies, and travel. These costs span multiple functions including owned warehouses and DCs and 3PL service fees, along with enterprise costs, which include centralized commercial operations, IT, finance, human resources, legal, supply chain, and corporate executives.
Use of Estimates
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 that management believes to be reasonable. In addition, the Company has considered the potential impact of macroeconomic factors, including inflation, changes in tariff rates, foreign currency exchange rate volatility, changes in interest rates, changes in commodity pricing, changes in discretionary spending, and recessionary concerns, on its business and operations. Although the full impact of these factors 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. Refer to Note 1, “General,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information on the significant areas requiring the use of management estimates and assumptions.
Foreign Currency Translation
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.
Recent Accounting Pronouncements
Recent Accounting Pronouncements. Other than those outlined below, there have been no developments with respect to recently issued accounting standards relative to those disclosed in the 2025 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. The adoption of Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures, is not expected to have an impact on the Company’s annual consolidated balance sheets, statements of comprehensive income, or cash flows, as it pertains to annual disclosures only.
Not Yet Adopted. The following is a summary of each ASU that has been issued during the nine months ended December 31, 2025, and is applicable to the Company, but which has not yet been adopted, as well as the planned period of adoption, and the expected impact on the Company upon adoption:
StandardDescriptionPlanned Period of AdoptionExpected Impact on Adoption
ASU 2025-05 - Measurement of Credit Losses for Accounts Receivable and Contract Assets
This ASU provides a practical expedient to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses on trade accounts receivable and contract assets. This ASU is effective on a prospective basis for fiscal years beginning after December 15, 2025. Early adoption is permitted.
Q1 FY 2027
The Company is currently evaluating the impact of the adoption of this ASU on its annual consolidated financial statements and interim condensed consolidated financial statements.
ASU 2025-06 - Internal-Use Software
This ASU amends recognition and disclosure guidance for internal-use software costs, removing the previous software development stage model with a more principles-based, probable-to-complete recognition threshold. This ASU is effective on either a retrospective, prospective, or modified prospective basis, for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted.
Q1 FY 2029
The Company is currently evaluating the impact of the adoption of this ASU on its annual consolidated financial statements and interim condensed consolidated financial statements.
ASU 2025-09 - Derivatives and Hedging (Topic 815): Hedge Accounting Improvements
This ASU clarifies and improves certain aspects of hedge accounting, including guidance on the assessment of similar risk exposure for groups of forecasted transactions related to cash flow hedges and other targeted amendments intended to better align hedge accounting with an entity’s risk management activities. This ASU is effective on a prospective basis for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted.
Q1 FY 2028
The Company is currently evaluating the impact of the adoption of this ASU on its annual consolidated financial statements and interim condensed consolidated financial statements.
ASU 2025-11 - Interim Reporting: Narrow-Scope Improvements
This ASU requires disclosure of events since the most recent annual reporting period that have a material impact on interim results, provides a comprehensive list of required interim disclosures, and clarifies the form and content requirements for interim financial statements. This ASU is effective on either a prospective or retrospective basis for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.
Q1 FY 2029
The Company is currently evaluating the impact of the adoption of this ASU on disclosures in its interim condensed consolidated financial statements.
Revenue Recognition
Disaggregated Revenue. Refer to Note 10, “Reportable Operating Segments,” for further information on the Company’s disaggregation of revenue by reportable operating segment.
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.
Contract Liabilities. Contract liabilities are recorded in other accrued expenses in the condensed consolidated balance sheets and include loyalty programs and other deferred revenue.
Derivative Instruments
The Company enters into foreign currency forward or option contracts (derivative contracts) to manage foreign currency risk and certain of these derivative contracts are designated as cash flow hedges of forecasted sales (Designated Derivative Contracts). The Company also enters into derivative contracts that are not designated as cash flow hedges, to offset a portion of anticipated gains and losses on certain intercompany balances until the expected time of repayment (Non-Designated Derivative Contracts). Refer to Note 1, “General,” in the Company’s consolidated financial statements in Part IV of the 2025 Annual Report for further information related to accounting policies on the Company’s derivative contracts.
Net Income Per Share Excluded Awards. The equity awards excluded from the calculation of the dilutive effect may be excluded due to one of the following: (1) the shares were antidilutive or (2) the necessary conditions had not been satisfied for the shares to be deemed issuable based on the Company’s performance for the relevant performance period. The number of shares stated for each of these excluded awards is the maximum number of shares issuable pursuant to these awards. For those awards subject to the achievement of performance criteria, the actual number of shares to be issued pursuant to such awards will be based on Company performance in future periods, net of forfeitures, and may be materially lower than the number of shares presented, which could result in a lower dilutive effect.
v3.25.4
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS (Tables)
 9 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Net Sales by Channel and Geography Net sales by channel was as follows:
 Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Wholesale$864,570 $815,828 $2,553,163 $2,244,263 
Direct-to-Consumer1,092,979 1,011,337 1,799,764 1,719,569 
Total$1,957,549 $1,827,165 $4,352,927 $3,963,832 
Net sales by geography was as follows:
 Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Domestic$1,200,889 $1,169,291 $2,541,677 $2,539,057 
International756,660 657,874 1,811,250 1,424,775 
Total$1,957,549 $1,827,165 $4,352,927 $3,963,832 
Schedule of Activity Related to Estimated Sales Returns, Loyalty Program Activity and Deferred Revenue
The following tables summarize changes in the estimated sales returns for the periods presented:
Sales Return Asset
Sales Return Liability
Balance, March 31, 2025$21,120 $(63,462)
Net additions to sales return liability (1)
66,243 (269,629)
Actual returns(50,963)213,633 
Balance, December 31, 2025$36,400 $(119,458)
Sales Return Asset
Sales Return Liability
Balance, March 31, 2024$13,866 $(55,327)
Net additions to sales return liability (1)
63,580 (266,277)
Actual returns(47,842)216,359 
Balance, December 31, 2024$29,604 $(105,245)
(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.
Loyalty Programs. Activity related to loyalty programs was as follows:
Nine Months Ended December 31,
20252024
Beginning balance
$(18,566)$(17,586)
Redemptions and expirations for loyalty certificates and points recognized in net sales66,809 45,884 
Deferred revenue for loyalty points and certificates issued(87,347)(56,363)
Ending balance
$(39,104)$(28,065)
Deferred Revenue. Activity related to deferred revenue was as follows:
Nine Months Ended December 31,
20252024
Beginning balance$(27,305)$(9,591)
Additions of customer cash payments(71,472)(69,422)
Revenue recognized75,571 60,217 
Ending balance$(23,206)$(18,796)
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Assets and liabilities that are measured on a recurring basis at fair value in the condensed consolidated balance sheets are as follows:
As ofMeasured Using
December 31, 2025Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds$1,699,688 $1,699,688 $— $— 
Other current assets:
Designated Derivative Contracts asset
432 — 432 — 
Non-Designated Derivative Contracts asset37 — 37 — 
Other assets:
Designated Derivative Contracts asset
111 — 111 — 
Non-qualified deferred compensation asset23,524 23,524 — — 
Total assets measured at fair value$1,723,792 $1,723,212 $580 $— 
Liabilities:
Other accrued expenses:
Designated Derivative Contracts liability
$(5,558)$— $(5,558)$— 
Non-qualified deferred compensation liability(2,082)(2,082)— — 
Other long-term liabilities:
Designated Derivative Contracts liability
(235)— (235)— 
Non-qualified deferred compensation liability(30,308)(30,308)— — 
Total liabilities measured at fair value$(38,183)$(32,390)$(5,793)$— 
As ofMeasured Using
March 31, 2025Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds
$1,485,555 $1,485,555 $— $— 
Other current assets:
Designated Derivative Contracts asset
2,163 — 2,163 — 
Non-Designated Derivative Contracts asset
75 — 75 — 
Other assets:
Non-qualified deferred compensation asset
16,967 16,967 — — 
Total assets measured at fair value$1,504,760 $1,502,522 $2,238 $— 
As ofMeasured Using
March 31, 2025Level 1Level 2Level 3
Liabilities:
Other accrued expenses:
Designated Derivative Contracts liability
$(64)$— $(64)$— 
Non-qualified deferred compensation liability(2,345)(2,345)— — 
Other long-term liabilities:
Non-qualified deferred compensation liability(22,793)(22,793)— — 
Total liabilities measured at fair value$(25,202)$(25,138)$(64)$— 
v3.25.4
INCOME TAXES (Tables)
 9 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
Income tax expense and the effective income tax rate were as follows:
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Income tax expense$145,768 $127,208 $263,835 $237,327 
Effective income tax rate23.3 %21.8 %22.9 %22.6 %
v3.25.4
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Supplemental Lease Information
Supplemental information for amounts presented in the condensed consolidated statements of cash flows related to operating leases was as follows:
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Non-cash operating activities (1)
Operating lease assets obtained in exchange for lease liabilities$18,250 $23,814 $119,250 $39,912 
Reductions to operating lease assets for reductions to lease liabilities
(11)(229)(2,692)(1,350)
(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 predominately include investments in the Company’s global retail store footprint that are in the ordinary course of business.
v3.25.4
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Annual Stock Awards The Company granted the following awards during the periods presented:
Nine Months Ended December 31,
20252024
Award Type
Number of Shares
Weighted-Average Grant Date Fair Value
Number of Shares
Weighted-Average Grant Date Fair Value
RSUs315,680 $102.83 159,891 $159.73 
LTIP PSUs (1)
137,430 103.90 72,213 173.09 
(1) The amounts reported reflect achievement of the target performance level under the terms of the applicable LTIP PSUs.
v3.25.4
DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The Company has the following derivative contracts recorded at fair value in the condensed consolidated balance sheets:
December 31, 2025
Designated Derivative Contracts
Non-Designated Derivative Contracts
Total
Notional value$311,230 $14,630 $325,860 
Fair value recorded in other current assets432 37 469 
Fair value recorded in other assets111 — 111 
Fair value recorded in other accrued expenses(5,558)— (5,558)
Fair value recorded in other long-term liabilities(235)— (235)
March 31, 2025
Designated Derivative Contracts
Non-Designated Derivative Contracts
Total
Notional value$367,695 $14,018 $381,713 
Fair value recorded in other current assets2,163 75 2,238 
Fair value recorded in other accrued expenses(64)— (64)
Schedule of Changes in Unrealized Gain (Loss) on Cash Flow Hedges Included in Accumulated Other Comprehensive Loss
The following table summarizes changes in unrealized (loss) gain on cash flow hedges included in accumulated other comprehensive loss (AOCL), including the effect of Designated Derivative Contracts and the related income tax effects of unrealized gains or losses that are recorded in OCI in the condensed consolidated statements of comprehensive income:
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Beginning balance
$(8,497)$(3,466)$1,584 $— 
Gain (loss) recorded in OCI1,765 6,575 (19,996)2,219 
Reclassifications from AOCL into net sales4,192 1,389 12,648 1,161 
Income tax (expense) benefit in OCI(1,440)(1,943)1,784 (825)
Ending balance
$(3,980)$2,555 $(3,980)$2,555 
v3.25.4
STOCKHOLDERS’ EQUITY (Tables)
 9 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Stock Repurchases
Stock repurchase activity under the stock repurchase program was as follows:
Nine Months Ended December 31,
20252024
Total number of shares repurchased (1)
8,019,067 2,022,299 
Weighted average price per share
$101.44 $148.85 
Dollar value of shares repurchased (2) (3)
$813,488 $301,011 
(1) All share repurchases were made pursuant to the stock repurchase program in open-market transactions.
(2) May not calculate on rounded amounts.
(3) The dollar value of shares repurchased excludes the cost of broker commissions, excise taxes, and other costs.
Schedule of Components of Accumulated Other Comprehensive Loss The components within AOCL, net of tax, recorded in the condensed consolidated balance sheets, are as follows:
 December 31, 2025March 31, 2025
Unrealized (loss) gain on cash flow hedges$(3,980)$1,584 
Cumulative foreign currency translation loss(42,088)(51,238)
Total $(46,068)$(49,654)
v3.25.4
BASIC AND DILUTED SHARES (Tables)
 9 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of Shares
The reconciliation of basic to diluted weighted-average common shares outstanding was as follows:
 Three Months Ended December 31,Nine Months Ended December 31,
 2025202420252024
Basic144,076,000 151,820,000 146,929,000 152,307,000 
Dilutive effect of equity awards213,000 566,000 273,000 617,000 
Diluted144,289,000 152,386,000 147,202,000 152,924,000 
Excluded
RSUs158,000 — 73,000 16,000 
LTIP PSUs350,000 272,000 350,000 292,000 
Deferred Non-Employee Director Equity Awards7,000 1,000 7,000 1,000 
Employee Stock Purchase Plan5,000 3,000 3,000 — 
v3.25.4
REPORTABLE OPERATING SEGMENTS (Tables)
 9 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Operating Segment Information
Reportable operating segment information, with a reconciliation to the condensed consolidated statements of comprehensive income, was as follows:
Three Months Ended December 31, 2025
HOKA
UGG
Other Brands (5)
Total
Net sales$628,882$1,305,475$23,192$1,957,549
Less: Cost of sales (1)
274,678496,55414,957786,189
Segment gross profit354,204808,9218,2351,171,360
Segment gross margin56.3 %62.0 %35.5 %59.8 %
Less: (1)
Payroll and related costs33,68145,4094,58683,676
Advertising, marketing, and promotion expenses63,43996,6692,288162,396
Rent and occupancy11,82626,6772538,528
Depreciation and other related costs (2)
2,2732,94065,219
Other segment items (3)
26,89147,297(2,745)71,443
Segment SG&A expenses138,110218,9924,160361,262
Segment income from operations$216,094$589,929$4,075$810,098
Segment operating margin (4)
34.4 %45.2 %17.6 %41.4 %
Three Months Ended December 31, 2024
HOKA
UGG
Other Brands (5)
Total
Net sales$530,908$1,244,189$52,068$1,827,165
Less: Cost of sales (1)
233,030460,73830,774724,542
Segment gross profit297,878783,45121,2941,102,623
Segment gross margin56.1 %63.0 %40.9 %60.3 %
Less: (1)
Payroll and related costs26,00343,8644,22874,095
Advertising, marketing, and promotion expenses56,39681,5376,121144,054
Rent and occupancy7,31025,5237932,912
Depreciation and other related costs (2)
1,3722,5051173,994
Other segment items (3)
19,86441,1603,38564,409
Segment SG&A expenses110,945194,58913,930319,464
Segment income from operations$186,933$588,862$7,364$783,159
Segment operating margin (4)
35.2 %47.3 %14.1 %42.9 %
Nine Months Ended December 31, 2025HOKAUGG
Other Brands (5)
Total
Net sales$1,916,087$2,330,154$106,686$4,352,927
Less: Cost of sales (1)
820,182960,37059,2871,839,839
Segment gross profit1,095,9051,369,78447,3992,513,088
Segment gross margin57.2 %58.8 %44.4 %57.7 %
Less: (1)
Payroll and related costs94,625117,16013,571225,356
Advertising, marketing, and promotion expenses191,008171,94113,406376,355
Rent and occupancy31,30562,3438193,729
Depreciation and other related costs (2)
5,3569,0145114,421
Other segment items (3)
82,69293,1415,759181,592
Segment SG&A expenses
404,986453,59932,868891,453
Segment income from operations$690,919$916,185$14,531$1,621,635
Segment operating margin (4)
36.1 %39.3 %13.6 %37.3 %
Nine Months Ended December 31, 2024HOKAUGG
Other Brands (5)
Total
Net sales$1,646,982$2,157,005$159,845$3,963,832
Less: Cost of sales (1)
691,678875,73590,5241,657,937
Segment gross profit955,3041,281,27069,3212,305,895
Segment gross margin58.0 %59.4 %43.4 %58.2 %
Less: (1)
Payroll and related costs72,088107,38713,162192,637
Advertising, marketing, and promotion expenses168,275144,98920,337333,601
Rent and occupancy19,82757,18335177,361
Depreciation and other related costs (2)
3,7797,3934,32615,498
Other segment items (3)
58,92377,22310,261146,407
Segment SG&A expenses
322,892394,17548,437765,504
Segment income from operations$632,412$887,095$20,884$1,540,391
Segment operating margin (4)
38.4 %41.1 %13.1 %38.9 %
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Depreciation and other related costs generally include depreciation of property and equipment, amortization and impairment of intangible assets or other long-lived assets, accretion, and loss on disposal of assets.
(3) Other segment items are comprised of other SG&A expenses, which generally include credit card fees, commissions, materials and supplies, travel, certain 3PL service fees, net bad debt expense, and other miscellaneous expenses.
(4) Operating margin is defined as income from operations divided by net sales.
(5) The Other brands reportable operating segment for the three and nine months ended December 31, 2025 includes financial results for the Koolaburra and AHNU brands through their respective phase out dates. The Other brands reportable operating segment for the nine months ended December 31, 2024 includes financial results for the Sanuk brand through the Sanuk Brand Sale Date. Refer to the section titled “Reportable Operating Segments,” in Note 1, “General,” for further information regarding the phase out of standalone operations of the Koolaburra and AHNU brands, and the prior sale of the Sanuk brand.
Schedule of Reconciliation of Reportable Segment Income from Segments to Consolidated
A reconciliation of reportable segment income from operations to condensed consolidated statements of comprehensive income was as follows:
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Segment income from operations
$810,098 $783,159 $1,621,635 $1,540,391 
Unallocated enterprise and shared brand expenses (1)
(195,732)(215,885)(515,461)(535,224)
Total other income, net12,547 16,668 46,161 46,840 
Consolidated income before income taxes
$626,913 $583,942 $1,152,335 $1,052,007 
(1) The change in reportable operating segments had an impact on segment income from operations, a measure of segment profitability, and a clarification was made that certain prior unallocated overhead costs are defined as unallocated enterprise and shared brand expenses and are excluded from the measure of segment profitability.
v3.25.4
GENERAL (Details)
 9 Months Ended
Dec. 31, 2025
segment
proprietary_brand
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of proprietary brands | proprietary_brand 5
Number of reportable segments | segment 3
v3.25.4
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS - Schedule of Net Sales by Channel and Geography (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]        
Net sales $ 1,957,549 $ 1,827,165 $ 4,352,927 $ 3,963,832
US        
Disaggregation of Revenue [Line Items]        
Net sales 1,200,889 1,169,291 2,541,677 2,539,057
Non-US        
Disaggregation of Revenue [Line Items]        
Net sales 756,660 657,874 1,811,250 1,424,775
Wholesale        
Disaggregation of Revenue [Line Items]        
Net sales 864,570 815,828 2,553,163 2,244,263
Direct-to-Consumer        
Disaggregation of Revenue [Line Items]        
Net sales $ 1,092,979 $ 1,011,337 $ 1,799,764 $ 1,719,569
v3.25.4
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS - Narrative (Details)
 9 Months Ended 12 Months Ended
Dec. 31, 2025
Mar. 31, 2025
One Customer | Trade Accounts Receivable | Customer Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk 12.00% 13.60%
v3.25.4
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Sales Return Asset    
Beginning balance $ 21,120 $ 13,866
Net additions to sales return liability 66,243 63,580
Actual returns (50,963) (47,842)
Ending balance 36,400 29,604
Sales Return Liability    
Beginning balance (63,462) (55,327)
Net additions to sales return liability (269,629) (266,277)
Actual returns 213,633 216,359
Ending balance $ (119,458) $ (105,245)
v3.25.4
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS - Schedule of Loyalty Programs (Details) - Loyalty Programs - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Contract with Customer, Loyalty Program [Roll Forward]    
Beginning balance $ (18,566) $ (17,586)
Redemptions and expirations for loyalty certificates and points recognized in net sales 66,809 45,884
Deferred revenue for loyalty points and certificates issued (87,347) (56,363)
Ending balance $ (39,104) $ (28,065)
v3.25.4
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS - Schedule of Deferred Revenue (Details) - Wholesale - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Contract With Customer, Liability [Roll Forward]    
Beginning balance $ (27,305) $ (9,591)
Additions of customer cash payments (71,472) (69,422)
Revenue recognized 75,571 60,217
Ending balance $ (23,206) $ (18,796)
v3.25.4
FAIR VALUE MEASUREMENTS (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Assets:    
Money-market funds $ 1,699,688 $ 1,485,555
Derivative Contract asset, current 469 2,238
Derivative Contract asset, noncurrent 111  
Non-qualified deferred compensation asset 23,524 16,967
Total assets measured at fair value 1,723,792 1,504,760
Liabilities:    
Derivate Contracts liability, current (5,558) (64)
Non-qualified deferred compensation liability (2,082) (2,345)
Derivate Contracts liability, noncurrent (235)  
Non-qualified deferred compensation liability (30,308) (22,793)
Total liabilities measured at fair value (38,183) (25,202)
Designated as Hedging Instrument    
Assets:    
Derivative Contract asset, current 432 2,163
Derivative Contract asset, noncurrent 111  
Liabilities:    
Derivate Contracts liability, current (5,558) (64)
Derivate Contracts liability, noncurrent (235)  
Not Designated as Hedging Instrument    
Assets:    
Derivative Contract asset, current 37 75
Derivative Contract asset, noncurrent 0  
Liabilities:    
Derivate Contracts liability, current 0 0
Derivate Contracts liability, noncurrent 0  
Level 1    
Assets:    
Money-market funds 1,699,688 1,485,555
Non-qualified deferred compensation asset 23,524 16,967
Total assets measured at fair value 1,723,212 1,502,522
Liabilities:    
Non-qualified deferred compensation liability (2,082) (2,345)
Non-qualified deferred compensation liability (30,308) (22,793)
Total liabilities measured at fair value (32,390) (25,138)
Level 1 | Designated as Hedging Instrument    
Assets:    
Derivative Contract asset, current 0 0
Derivative Contract asset, noncurrent 0  
Liabilities:    
Derivate Contracts liability, current 0 0
Derivate Contracts liability, noncurrent 0  
Level 1 | Not Designated as Hedging Instrument    
Assets:    
Derivative Contract asset, current 0 0
Level 2    
Assets:    
Money-market funds 0 0
Non-qualified deferred compensation asset 0 0
Total assets measured at fair value 580 2,238
Liabilities:    
Non-qualified deferred compensation liability 0 0
Non-qualified deferred compensation liability 0 0
Total liabilities measured at fair value (5,793) (64)
Level 2 | Designated as Hedging Instrument    
Assets:    
Derivative Contract asset, current 432 2,163
Derivative Contract asset, noncurrent 111  
Liabilities:    
Derivate Contracts liability, current (5,558) (64)
Derivate Contracts liability, noncurrent (235)  
Level 2 | Not Designated as Hedging Instrument    
Assets:    
Derivative Contract asset, current 37 75
Level 3    
Assets:    
Money-market funds 0 0
Non-qualified deferred compensation asset 0 0
Total assets measured at fair value 0 0
Liabilities:    
Non-qualified deferred compensation liability 0 0
Non-qualified deferred compensation liability 0 0
Total liabilities measured at fair value 0 0
Level 3 | Designated as Hedging Instrument    
Assets:    
Derivative Contract asset, current 0 0
Derivative Contract asset, noncurrent 0  
Liabilities:    
Derivate Contracts liability, current 0 0
Derivate Contracts liability, noncurrent 0  
Level 3 | Not Designated as Hedging Instrument    
Assets:    
Derivative Contract asset, current $ 0 $ 0
v3.25.4
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]        
Income tax expense $ 145,768 $ 127,208 $ 263,835 $ 237,327
Effective income tax rate 23.30% 21.80% 22.90% 22.60%
v3.25.4
COMMITMENTS AND CONTINGENCIES - Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]        
Operating lease assets obtained in exchange for lease liabilities $ 18,250 $ 23,814 $ 119,250 $ 39,912
Reductions to operating lease assets for reductions to lease liabilities $ (11) $ (229) $ (2,692) $ (1,350)
v3.25.4
COMMITMENTS AND CONTINGENCIES - Narrative (Details)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
USD ($)
Purchase Commitment, Excluding Long-Term Commitment [Line Items]  
Undiscounted minimum lease payments $ 86,785
3PL Agreements  
Purchase Commitment, Excluding Long-Term Commitment [Line Items]  
Long-term purchase commitment $ 93,611
v3.25.4
STOCK-BASED COMPENSATION - Schedule of Annual Stock Awards (Details) - $ / shares
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
RSUs    
Number of Shares    
Granted (in shares) 315,680 159,891
Weighted-Average Grant Date Fair Value    
Weighted-average grant date fair value (in dollars per share) $ 102.83 $ 159.73
LTIP PSUs    
Number of Shares    
Granted (in shares) 137,430 72,213
Weighted-Average Grant Date Fair Value    
Weighted-average grant date fair value (in dollars per share) $ 103.90 $ 173.09
v3.25.4
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Restricted Stock Units (RSUs) and Long-Term Incentive Plan PSUs (LTIP PSUs) | Stock Incentive Plan 2024    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in shares) 0  
RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in shares) 315,680 159,891
Unrecognized stock compensation expense $ 34,438  
LTIP PSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in shares) 137,430 72,213
Unrecognized stock compensation expense $ 25,724  
v3.25.4
DERIVATIVE INSTRUMENTS - Schedule of Derivatives (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Foreign currency exchange contracts and hedging    
Notional value $ 325,860 $ 381,713
Fair value recorded in other current assets 469 2,238
Fair value recorded in other assets 111  
Fair value recorded in other accrued expenses (5,558) (64)
Fair value recorded in other long-term liabilities 235  
Designated as Hedging Instrument    
Foreign currency exchange contracts and hedging    
Notional value 311,230 367,695
Fair value recorded in other current assets 432 2,163
Fair value recorded in other assets 111  
Fair value recorded in other accrued expenses (5,558) (64)
Fair value recorded in other long-term liabilities 235  
Not Designated as Hedging Instrument    
Foreign currency exchange contracts and hedging    
Notional value 14,630 14,018
Fair value recorded in other current assets 37 75
Fair value recorded in other assets 0  
Fair value recorded in other accrued expenses 0 $ 0
Fair value recorded in other long-term liabilities $ 0  
v3.25.4
DERIVATIVE INSTRUMENTS - Narrative (Details)
$ in Thousands
 9 Months Ended
Dec. 31, 2025
USD ($)
counterparty
Jan. 13, 2026
USD ($)
counterparty
Mar. 31, 2025
USD ($)
counterparty
Foreign currency exchange contracts and hedging      
Number of counterparties in derivative contracts | counterparty 5   5
Maturity period (in months) 15 months    
Reclassification period of unrealized gain into net sales (in months) 15 months    
Notional value $ 325,860   $ 381,713
Designated as Hedging Instrument      
Foreign currency exchange contracts and hedging      
Notional value $ 311,230   $ 367,695
Designated as Hedging Instrument | Subsequent Event      
Foreign currency exchange contracts and hedging      
Number of counterparties in derivative contracts | counterparty   1  
Maturity period (in months)   15 months  
Notional value   $ 31,071  
v3.25.4
DERIVATIVE INSTRUMENTS - Changes in Unrealized Gain (Loss) on Cash Flow Hedges Included in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 2,466,030 $ 2,223,239 $ 2,513,013 $ 2,107,468
Ending balance 2,609,454 2,630,919 2,609,454 2,630,919
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (8,497) (3,466) 1,584 0
Gain (loss) recorded in OCI 1,765 6,575 (19,996) 2,219
Reclassifications from AOCL into net sales 4,192 1,389 12,648 1,161
Income tax (expense) benefit in OCI (1,440) (1,943) 1,784 (825)
Ending balance $ (3,980) $ 2,555 $ (3,980) $ 2,555
v3.25.4
STOCKHOLDERS’ EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Jan. 13, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
May 21, 2025
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]                    
Authorized amount of shares to repurchase                   $ 2,250,000
Dollar value of shares that may yet be repurchased, excluding excise taxes   $ 1,811,214           $ 1,811,214    
Shares repurchased (in shares)               8,019,067 2,022,299  
Average price paid per share (in dollars per share)               $ 101.44 $ 148.85  
Dollar value of shares repurchased   $ 348,500 $ 281,997 $ 182,991 $ 44,721 $ 104,323 $ 151,967 $ 813,488 $ 301,011  
Subsequent Event                    
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]                    
Dollar value of shares that may yet be repurchased, excluding excise taxes $ 1,771,214                  
Shares repurchased (in shares) 381,039                  
Average price paid per share (in dollars per share) $ 104.98                  
Dollar value of shares repurchased $ 40,000                  
v3.25.4
STOCKHOLDERS’ EQUITY - Stock Repurchase Programs (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Stockholders' Equity Note [Abstract]                
Total number of shares repurchased (in shares)             8,019,067 2,022,299
Weighted average price per share (in dollars per share)             $ 101.44 $ 148.85
Dollar value of shares repurchased $ 348,500 $ 281,997 $ 182,991 $ 44,721 $ 104,323 $ 151,967 $ 813,488 $ 301,011
v3.25.4
STOCKHOLDERS’ EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Mar. 31, 2025
Stockholders' Equity Note [Abstract]    
Unrealized (loss) gain on cash flow hedges $ (3,980) $ 1,584
Cumulative foreign currency translation loss (42,088) (51,238)
Total $ (46,068) $ (49,654)
v3.25.4
BASIC AND DILUTED SHARES (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Basic (in shares) 144,076 151,820 146,929 152,307
Dilutive effect of equity awards (in shares) 213 566 273 617
Diluted (in shares) 144,289 152,386 147,202 152,924
RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 158 0 73 16
LTIP PSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 350 272 350 292
Deferred Non-Employee Director Equity Awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 7 1 7 1
Employee Stock Purchase Plan        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 5 3 3 0
v3.25.4
REPORTABLE OPERATING SEGMENTS - Narrative (Details)
 9 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.4
REPORTABLE OPERATING SEGMENTS - Schedule of Operating Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]        
Net sales $ 1,957,549 $ 1,827,165 $ 4,352,927 $ 3,963,832
Less: Cost of sales 786,189 724,542 1,839,839 1,657,937
Gross profit $ 1,171,360 $ 1,102,623 $ 2,513,088 $ 2,305,895
Segment gross margin 59.80% 60.30% 57.70% 58.20%
Less:        
Payroll and related costs $ 83,676 $ 74,095 $ 225,356 $ 192,637
Advertising, marketing, and promotion expenses 162,396 144,054 376,355 333,601
Rent and occupancy 38,528 32,912 93,729 77,361
Depreciation and other related costs 5,219 3,994 14,421 15,498
Other segment items 71,443 64,409 181,592 146,407
Segment SG&A expenses 361,262 319,464 891,453 765,504
Segment income from operations $ 810,098 $ 783,159 $ 1,621,635 $ 1,540,391
Segment operating margin 41.40% 42.90% 37.30% 38.90%
HOKA | Reportable segments        
Segment Reporting Information [Line Items]        
Net sales $ 628,882 $ 530,908 $ 1,916,087 $ 1,646,982
Less: Cost of sales 274,678 233,030 820,182 691,678
Gross profit $ 354,204 $ 297,878 $ 1,095,905 $ 955,304
Segment gross margin 56.30% 56.10% 57.20% 58.00%
Less:        
Payroll and related costs $ 33,681 $ 26,003 $ 94,625 $ 72,088
Advertising, marketing, and promotion expenses 63,439 56,396 191,008 168,275
Rent and occupancy 11,826 7,310 31,305 19,827
Depreciation and other related costs 2,273 1,372 5,356 3,779
Other segment items 26,891 19,864 82,692 58,923
Segment SG&A expenses 138,110 110,945 404,986 322,892
Segment income from operations $ 216,094 $ 186,933 $ 690,919 $ 632,412
Segment operating margin 34.40% 35.20% 36.10% 38.40%
UGG | Reportable segments        
Segment Reporting Information [Line Items]        
Net sales $ 1,305,475 $ 1,244,189 $ 2,330,154 $ 2,157,005
Less: Cost of sales 496,554 460,738 960,370 875,735
Gross profit $ 808,921 $ 783,451 $ 1,369,784 $ 1,281,270
Segment gross margin 62.00% 63.00% 58.80% 59.40%
Less:        
Payroll and related costs $ 45,409 $ 43,864 $ 117,160 $ 107,387
Advertising, marketing, and promotion expenses 96,669 81,537 171,941 144,989
Rent and occupancy 26,677 25,523 62,343 57,183
Depreciation and other related costs 2,940 2,505 9,014 7,393
Other segment items 47,297 41,160 93,141 77,223
Segment SG&A expenses 218,992 194,589 453,599 394,175
Segment income from operations $ 589,929 $ 588,862 $ 916,185 $ 887,095
Segment operating margin 45.20% 47.30% 39.30% 41.10%
Other Brands | Reportable segments        
Segment Reporting Information [Line Items]        
Net sales $ 23,192 $ 52,068 $ 106,686 $ 159,845
Less: Cost of sales 14,957 30,774 59,287 90,524
Gross profit $ 8,235 $ 21,294 $ 47,399 $ 69,321
Segment gross margin 35.50% 40.90% 44.40% 43.40%
Less:        
Payroll and related costs $ 4,586 $ 4,228 $ 13,571 $ 13,162
Advertising, marketing, and promotion expenses 2,288 6,121 13,406 20,337
Rent and occupancy 25 79 81 351
Depreciation and other related costs 6 117 51 4,326
Other segment items (2,745) 3,385 5,759 10,261
Segment SG&A expenses 4,160 13,930 32,868 48,437
Segment income from operations $ 4,075 $ 7,364 $ 14,531 $ 20,884
Segment operating margin 17.60% 14.10% 13.60% 13.10%
v3.25.4
REPORTABLE OPERATING SEGMENTS - Schedule of Reconciliation of Reportable Segment Income from Operations to Consolidated Statements of Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting [Abstract]        
Segment income from operations $ 810,098 $ 783,159 $ 1,621,635 $ 1,540,391
Unallocated enterprise and shared brand expenses (195,732) (215,885) (515,461) (535,224)
Total other income, net 12,547 16,668 46,161 46,840
Income before income taxes $ 626,913 $ 583,942 $ 1,152,335 $ 1,052,007