DECKERS OUTDOOR CORP, 10-Q filed on 7/31/2025
Quarterly Report
v3.25.2
COVER PAGE - shares
 3 Months Ended
Jun. 30, 2025
Jul. 10, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 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 $0.01 per share  
Trading Symbol DECK  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   148,343,362
Entity Central Index Key 0000910521  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --03-31  
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
ASSETS    
Cash and cash equivalents $ 1,720,416 $ 1,889,188
Trade accounts receivable, net of allowances ($38,321 and $32,883 as of June 30, 2025, and March 31, 2025, respectively) 376,474 332,872
Inventories 849,351 495,226
Prepaid expenses 52,604 39,294
Other current assets 60,624 67,282
Income tax receivable 15,359 36,613
Total current assets 3,074,828 2,860,475
Property and equipment, net of accumulated depreciation ($420,663 and $402,964 as of June 30, 2025, and March 31, 2025, respectively) 332,311 325,599
Operating lease assets 269,248 237,352
Goodwill 13,990 13,990
Other intangible assets, net of accumulated amortization ($26,099 and $25,014 as of June 30, 2025, and March 31, 2025, respectively) 15,667 15,699
Deferred tax assets, net 85,798 77,591
Other assets 47,429 39,546
Total assets 3,839,271 3,570,252
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Trade accounts payable 732,881 417,955
Accrued payroll 68,975 125,417
Operating lease liabilities (Note 5) 65,254 54,453
Other accrued expenses 151,448 142,120
Income tax payable 22,735 23,299
Value added tax payable 5,703 6,697
Total current liabilities 1,046,996 769,941
Long-term operating lease liabilities (Note 5) 246,817 222,522
Income tax liability 19,761 13,587
Other long-term liabilities 58,218 51,189
Total long-term liabilities 324,796 287,298
Commitments and contingencies (Note 5)
Stockholders’ equity    
Common stock ($0.01 par value per share; 750,000 shares authorized; 148,542 and 150,201 shares issued and outstanding as of June 30, 2025, and March 31, 2025, respectively) 1,485 1,502
Additional paid-in capital 261,782 253,466
Retained earnings 2,262,301 2,307,699
Accumulated other comprehensive loss (Note 7) (58,089) (49,654)
Total stockholders’ equity 2,467,479 2,513,013
Total liabilities and stockholders’ equity $ 3,839,271 $ 3,570,252
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Statement of Financial Position [Abstract]    
Trade accounts receivable, allowances $ 38,321 $ 32,883
Accumulated depreciation 420,663 402,964
Accumulated amortization and impairments $ 26,099 $ 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) 148,542 150,201
Common stock, outstanding shares (in shares) 148,542 150,201
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]    
Net sales (Note 2 and Note 9) $ 964,538 $ 825,347
Cost of sales 426,632 355,347
Gross profit 537,906 470,000
Selling, general, and administrative expenses (Note 9) 372,619 337,193
Income from operations (Note 9) 165,287 132,807
Interest income (18,696) (17,252)
Interest expense 935 1,031
Other income, net (18) (125)
Total other income, net (17,779) (16,346)
Income before income taxes 183,066 149,153
Income tax expense (Note 4) 43,863 33,528
Net income 139,203 115,625
Other comprehensive loss, net of tax    
Unrealized (loss) gain on cash flow hedges (20,209) 856
Foreign currency translation gain (loss) 11,774 (4,656)
Total other comprehensive loss, net of tax (8,435) (3,800)
Comprehensive income $ 130,768 $ 111,825
Earnings Per Share [Abstract]    
Basic (in dollars per share) $ 0.93 $ 0.76
Diluted (in dollars per share) $ 0.93 $ 0.75
Weighted-average common shares outstanding (Note 8)    
Basic (in shares) 149,344 152,867
Diluted (in shares) 149,635 153,483
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive 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 7) (in shares) (1,061,736) (1,062,000)      
Repurchases of common stock (Note 7) $ (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 (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, 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 7) (in shares) (1,665,902) (1,666,000)      
Repurchases of common stock (Note 7) $ (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 $ (8,435)       (8,435)
Ending balance (in shares) at Jun. 30, 2025 148,542,000 148,542,000      
Ending balance at Jun. 30, 2025 $ 2,467,479 $ 1,485 $ 261,782 $ 2,262,301 $ (58,089)
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net income $ 139,203 $ 115,625
Reconciliation of net income to net cash provided by (used in) operating activities:    
Depreciation, amortization, and accretion 19,424 17,061
Amortization on cloud computing arrangements 556 465
Bad debt expense (benefit) 597 (3,291)
Deferred tax (benefit) expense (713) 170
Stock-based compensation 8,739 8,346
Loss on disposal of assets 22 79
Changes in operating assets and liabilities:    
Trade accounts receivable, net (44,199) (3,272)
Inventories (354,125) (278,972)
Prepaid expenses and other current assets (8,817) 39,816
Income tax receivable 21,254 14,079
Net operating lease assets and lease liabilities 1,925 (486)
Other assets (8,438) (4,073)
Trade accounts payable 314,845 266,679
Other accrued expenses (66,301) (71,398)
Income tax payable (565) 4,340
Other long-term liabilities 12,739 7,482
Net cash provided by operating activities 36,146 112,650
INVESTING ACTIVITIES    
Purchases of property and equipment (23,940) (22,521)
Proceeds from sale of assets 11 0
Net cash used in investing activities (23,929) (22,521)
FINANCING ACTIVITIES    
Proceeds from exercise of stock options 0 601
Repurchases of common stock (182,991) (151,967)
Cash paid for shares withheld for taxes (237) (495)
Net cash used in financing activities (183,228) (151,861)
Effect of foreign currency exchange rates on cash and cash equivalents 2,239 (1,922)
Net change in cash and cash equivalents (168,772) (63,654)
Cash and cash equivalents at beginning of period 1,889,188 1,502,051
Cash and cash equivalents at end of period 1,720,416 1,438,397
Cash paid during the period    
Income taxes 16,923 14,998
Interest 780 414
Operating leases 20,437 16,339
Non-cash investing activities    
Changes in trade accounts payable and other accrued expenses for purchases of property and equipment 80 (2,582)
Accrued for asset retirement obligation assets related to leasehold improvements 214 975
Non-cash financing activities    
Accrued excise taxes related to repurchases of common stock $ 1,627 $ 1,181
v3.25.2
GENERAL
 3 Months Ended
Jun. 30, 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, AHNU, and Koolaburra brands. Refer to the section below entitled “Reportable Operating Segments” for information on recent developments with the Koolaburra brand and 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 June 30, 2025, and for the three months ended June 30, 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 March 31, 2025, is derived from the Company’s audited consolidated financial statements. In the opinion of management, the condensed consolidated financial statements include all normal and recurring entries necessary to fairly present the results of the interim periods presented but are not necessarily indicative of actual results to be achieved for full fiscal years or other interim periods. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s 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 June 30, 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, AHNU brand, and Koolaburra brand) (collectively, the Company’s reportable operating segments). Refer to Note 9, “Reportable Operating Segments,” for further information on the Company’s reportable operating segments.
During the third quarter of fiscal year 2025, the Company began taking steps to phase out the standalone operations for the Koolaburra brand in order to maintain focus on the Company’s most significant organic opportunities. The Company closed Koolaburra.com as of March 31, 2025, and plan to wind down the Koolaburra brand in the wholesale channel by the end of calendar year 2025.
In addition, 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 brand’s sale date, August 15, 2024.
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 as 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 June 30, 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. There have been no developments 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 and interim consolidated financial statements.
v3.25.2
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS
 3 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS
Disaggregated Revenue. Refer to Note 9, “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 June 30,
20252024
Wholesale
$652,364 $514,782 
Direct-to-Consumer
312,174 310,565 
Total$964,538 $825,347 
Geographic Concentration. Net sales by geography was as follows:
Three Months Ended June 30,
20252024
Domestic$501,258 $515,856 
International463,280 309,491 
Total
$964,538 $825,347 
For the three months ended June 30, 2025, and 2024, no single foreign country comprised 10.0% or more of the Company’s total net sales.
Customer Concentration. For the three months ended June 30, 2025, and 2024, no single global customer comprised 10.0% or more of the Company’s total net sales. As of June 30, 2025, the Company has one customer that represents 12.1% 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)
7,369 (40,888)
Actual returns(13,556)55,508 
Balance, June 30, 2025$14,933 $(48,842)
Sales Return Asset
Sales Return Liability
Balance, March 31, 2024$13,866 $(55,327)
Net additions to sales return liability (1)
10,976 (40,741)
Actual returns(14,077)58,277 
Balance, June 30, 2024$10,765 $(37,791)
(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:
Three Months Ended June 30,
20252024
Beginning balance
$(18,566)$(17,586)
Redemptions and expirations for loyalty certificates and points recognized in net sales4,994 5,060 
Deferred revenue for loyalty points and certificates issued(4,205)(4,575)
Ending balance
$(17,777)$(17,101)
Deferred Revenue. Activity related to deferred revenue was as follows:
Three Months Ended June 30,
20252024
Beginning balance$(27,305)$(9,591)
Additions of customer cash payments(27,176)(27,101)
Revenue recognized25,573 9,254 
Ending balance$(28,908)$(27,438)
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.
v3.25.2
FAIR VALUE MEASUREMENTS
 3 Months Ended
Jun. 30, 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
June 30, 2025Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds$1,376,741 $1,376,741 $— $— 
Other assets:
Non-qualified deferred compensation asset19,593 19,593 — — 
Total assets measured at fair value$1,396,334 $1,396,334 $— $— 
Liabilities:
Other accrued expenses:
Designated Derivative Contracts liability
$(24,676)$— $(24,676)$— 
Non-qualified deferred compensation liability(2,346)(2,346)— — 
Non-Designated Derivative Contracts liability(354)— (354)— 
Other long-term liabilities:
Non-qualified deferred compensation liability(28,932)(28,932)— — 
Total liabilities measured at fair value$(56,308)$(31,278)$(25,030)$— 
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 asset75 — 75 — 
Other assets:
Non-qualified deferred compensation asset16,967 16,967 — — 
Total assets measured at fair value$1,504,760 $1,502,522 $2,238 $— 
Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability$(2,345)$(2,345)$— $— 
Designated Derivative Contracts liability
(64)— (64)— 
Other long-term liabilities:
As ofMeasured Using
March 31, 2025Level 1Level 2Level 3
Non-qualified deferred compensation liability(22,793)(22,793)— — 
Total liabilities measured at fair value$(25,202)$(25,138)$(64)$— 
The fair value of Designated Derivative Contracts 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 6, “Derivative Instruments,” for further information, including the definition of the term Designated Derivative Contracts.
v3.25.2
INCOME TAXES
 3 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income tax expense and the effective income tax rate were as follows:
Three Months Ended June 30,
20252024
Income tax expense$43,863 $33,528 
Effective income tax rate24.0 %22.5 %
The tax provisions during the three months ended June 30, 2025, and 2024, were computed using the estimated effective income tax rate applicable to each of the domestic and foreign taxable jurisdictions for the fiscal years ending March 31, 2026, and ended March 31, 2025, respectively, and were adjusted for discrete items that occurred within the periods presented above. During the current period, the net change in the effective income tax rate, compared to the prior period, was primarily due to discrete tax expense for reserve adjustments and a reduced benefit for stock-based compensation, partially offset by net discrete tax benefits for audit settlements and changes in jurisdictional mix of worldwide income before income taxes.
Recent Tax Law Changes. 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 experimental expenditures, and modifications to the international tax framework. The Company continues to evaluate the potential impacts of the law on its condensed consolidated financial statements and expects to recognize the impact of the law in the period of enactment in its next fiscal quarter.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Jun. 30, 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 three months ended June 30, 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 June 30,
20252024
Non-cash operating activities (1)
Operating lease assets obtained in exchange for lease liabilities
$45,271 $12,336 
Reductions to operating lease assets for reductions to lease liabilities
(2,652)(1,106)
(1) Amounts disclosed include non-cash additions or reductions resulting from lease remeasurements, as well as reductions for tenant improvement allowances.
As of June 30, 2025, operating lease liabilities recorded in the condensed consolidated balance sheets exclude an aggregate of $37,975 of undiscounted minimum lease payments due pursuant to leases signed during the three months ended June 30, 2025 but not yet commenced, which primarily relate to leases for new retail stores , that the Company expects will be operational during the quarter ending September 30, 2025.
Purchase Obligations. There were no material changes outside the ordinary course of business during the three months ended June 30, 2025, to the Company’s purchase obligations disclosed in the 2025 Annual Report.
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.
v3.25.2
DERIVATIVE INSTRUMENTS
 3 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS DERIVATIVE INSTRUMENTS
The Company enters into foreign currency forward or option contracts (derivative contracts) with maturities of 15 months or less 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 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:
June 30, 2025
Designated
Derivative Contracts
Non-Designated
Derivative Contracts
Total
Notional value$374,348 $42,207 $416,555 
Fair value recorded in other accrued expenses(24,676)(354)(25,030)
March 31, 2025
Designated
Derivative Contracts
Non-Designated
Derivative Contracts
Total
Notional value$367,695 $14,018 $381,713 
Fair value recorded in other current assets2,163 75 2,238 
Fair value recorded in other accrued expenses(64)— (64)
As of June 30, 2025, five counterparties hold the Company’s outstanding derivative contracts, all of which are expected to mature in the next nine months. As of March 31, 2025, five counterparties held the Company’s outstanding derivative contracts.
The following table summarizes the effect of Designated Derivative Contracts and the related income tax effects of unrealized gains or losses recorded in the condensed consolidated statements of comprehensive income for changes in accumulated other comprehensive loss (AOCL):
Three Months Ended June 30,
20252024
(Loss) gain recorded in OCI$(25,210)$1,132 
Reclassifications from AOCL into net sales535 — 
Income tax benefit (expense) in OCI6,050 (276)
Total$(18,625)$856 
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 June 30, 2025, the amount of unrealized loss on derivative contracts recorded in AOCL is expected to be reclassified into net sales within the next nine months. Refer to Note 7, “Stockholders’ Equity,” for further information on the components of AOCL.
v3.25.2
STOCKHOLDERS’ EQUITY
 3 Months Ended
Jun. 30, 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 its common stock under the same conditions as the prior stock repurchase program. As of June 30, 2025, the aggregate remaining approved amount under the stock repurchase program is $2,441,711. 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:
Three Months Ended June 30,
20252024
Total number of shares repurchased (1)
1,665,902 1,061,736 
Weighted average price per share
$109.84 $143.13 
Dollar value of shares repurchased (2) (3)
$182,991 $151,967 
(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 June 30, 2025, through July 10, 2025, the Company repurchased 198,863 shares at a weighted average price of $105.60 per share for $21,000 and had $2,420,711 remaining authorized under the stock repurchase program.
Accumulated Other Comprehensive Loss. The components within AOCL, net of tax, recorded in the condensed consolidated balance sheets, are as follows:
 June 30, 2025March 31, 2025
Unrealized (loss) gain on cash flow hedges$(18,625)$1,584 
Cumulative foreign currency translation loss(39,464)(51,238)
Total $(58,089)$(49,654)
v3.25.2
BASIC AND DILUTED SHARES
 3 Months Ended
Jun. 30, 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 June 30,
 20252024
Basic149,344,000 152,867,000 
Dilutive effect of equity awards291,000 616,000 
Diluted149,635,000 153,483,000 
Excluded
Time-Based Restricted Stock Units60,000 3,000 
Long-Term Incentive Plan Performance-Based Restricted Stock Units155,000 290,000 
Deferred Non-Employee Director Equity Awards5,000 1,000 
Employee Stock Purchase Plan4,000 1,000 
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.
v3.25.2
REPORTABLE OPERATING SEGMENTS
 3 Months Ended
Jun. 30, 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 of 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 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 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 June 30, 2025HOKAUGG
Other Brands
Total
Net sales$653,119$265,092$46,327$964,538
Less: Cost of sales (1)
276,172125,76824,692426,632
Segment gross profit376,947139,32421,635537,906
Segment gross margin57.7 %52.6 %46.7 %55.8 %
Less: (1)
Payroll and related costs28,508 32,865 4,532 65,905 
Advertising, marketing, and promotion expenses55,988 19,568 6,208 81,764 
Rent and occupancy9,046 17,217 38 26,301 
Depreciation and other related costs (2)
1,473 2,957 39 4,469 
Other segment items (3)
28,404 12,734 3,065 44,203 
Segment SG&A expenses
123,419 85,341 13,882 222,642 
Segment income from operations$253,528 $53,983 $7,753 $315,264 
Segment operating margin (4)
38.8 %20.4 %16.7 %32.7 %
Three Months Ended June 30, 2024HOKAUGG
Other Brands
Total
Net sales$545,178$222,951$57,218$825,347
Less: Cost of sales (1)
221,513103,69230,142355,347
Segment gross profit323,665119,25927,076470,000
Segment gross margin59.4 %53.5 %47.3 %56.9 %
Less: (1)
Payroll and related costs20,729 28,420 4,194 53,343 
Advertising, marketing, and promotion expenses45,303 15,860 7,323 68,486 
Rent and occupancy5,767 15,186 189 21,142 
Depreciation and other related costs (2)
1,055 2,404 308 3,767 
Other segment items (3)
19,893 11,503 2,376 33,772 
Segment SG&A expenses
92,747 73,373 14,390 180,510 
Segment income from operations$230,918 $45,886 $12,686 $289,490 
Segment operating margin (4)
42.4 %20.6 %22.2 %35.1 %
(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 includes 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 primarily include IT expenses, certain 3PL service fees, contract service fees, travel, materials and supplies, credit card fees, and commissions.
(4) Operating margin is defined as income from operations divided by net sales.
A reconciliation of reportable segment income from operations to condensed consolidated statements of comprehensive income was as follows:
Three Months Ended June 30,
20252024
Segment income from operations
$315,264 $289,490 
Unallocated enterprise and shared brand expenses (1)
(149,977)(156,683)
Total other income, net17,779 16,346 
Consolidated income before income taxes
$183,066 $149,153 
(1) The change in reportable operating segments had an impact on segment income from operations, a measure of segment profitability, and a clarification was made that certain prior unallocated overhead costs are defined as unallocated enterprise and shared brand expenses and are excluded from the measure of segment profitability.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure    
Net income $ 139,203 $ 115,625
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Set forth below is a summary of the adoption, modification, and termination activity of our directors and executive officers with respect to Rule 10b5-1 trading plans during the three months ended June 30, 2025:
Name & TitleAdoption DateTermination DateContract End Date
Aggregate Shares Covered
(in ones) (1)
Anne Spangenberg,
President, Fashion Lifestyle Group
June 4, 2024
April 7, 2025
June 1, 2025
16,686
(1) Aggregated shares covered have been adjusted to reflect the effect of the stock split. Refer to Note 1, “General,” of our consolidated financial statements in Part IV of our 2025 Annual Report for further information regarding the stock split.
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Anne Spangenberg [Member]  
Trading Arrangements, by Individual  
Name Anne Spangenberg
Title President, Fashion Lifestyle Group
Rule 10b5-1 Arrangement Terminated true
Termination Date April 7, 2025
Aggregate Available 16,686
v3.25.2
GENERAL (Policies)
 3 Months Ended
Jun. 30, 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 June 30, 2025, and for the three months ended June 30, 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 March 31, 2025, is derived from the Company’s audited consolidated financial statements. In the opinion of management, the condensed consolidated financial statements include all normal and recurring entries necessary to fairly present the results of the interim periods presented but are not necessarily indicative of actual results to be achieved for full fiscal years or other interim periods. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s 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 June 30, 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, AHNU brand, and Koolaburra brand) (collectively, the Company’s reportable operating segments). Refer to Note 9, “Reportable Operating Segments,” for further information on the Company’s reportable operating segments.
During the third quarter of fiscal year 2025, the Company began taking steps to phase out the standalone operations for the Koolaburra brand in order to maintain focus on the Company’s most significant organic opportunities. The Company closed Koolaburra.com as of March 31, 2025, and plan to wind down the Koolaburra brand in the wholesale channel by the end of calendar year 2025.
In addition, 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 brand’s sale date, August 15, 2024.
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 of 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 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 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 as 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. There have been no developments 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 and interim consolidated financial statements.
Revenue Recognition
Disaggregated Revenue. Refer to Note 9, “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) with maturities of 15 months or less 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 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.
v3.25.2
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS (Tables)
 3 Months Ended
Jun. 30, 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 June 30,
20252024
Wholesale
$652,364 $514,782 
Direct-to-Consumer
312,174 310,565 
Total$964,538 $825,347 
Net sales by geography was as follows:
Three Months Ended June 30,
20252024
Domestic$501,258 $515,856 
International463,280 309,491 
Total
$964,538 $825,347 
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)
7,369 (40,888)
Actual returns(13,556)55,508 
Balance, June 30, 2025$14,933 $(48,842)
Sales Return Asset
Sales Return Liability
Balance, March 31, 2024$13,866 $(55,327)
Net additions to sales return liability (1)
10,976 (40,741)
Actual returns(14,077)58,277 
Balance, June 30, 2024$10,765 $(37,791)
(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:
Three Months Ended June 30,
20252024
Beginning balance
$(18,566)$(17,586)
Redemptions and expirations for loyalty certificates and points recognized in net sales4,994 5,060 
Deferred revenue for loyalty points and certificates issued(4,205)(4,575)
Ending balance
$(17,777)$(17,101)
Deferred Revenue. Activity related to deferred revenue was as follows:
Three Months Ended June 30,
20252024
Beginning balance$(27,305)$(9,591)
Additions of customer cash payments(27,176)(27,101)
Revenue recognized25,573 9,254 
Ending balance$(28,908)$(27,438)
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Jun. 30, 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
June 30, 2025Level 1Level 2Level 3
Assets:
Cash equivalents:
Money-market funds$1,376,741 $1,376,741 $— $— 
Other assets:
Non-qualified deferred compensation asset19,593 19,593 — — 
Total assets measured at fair value$1,396,334 $1,396,334 $— $— 
Liabilities:
Other accrued expenses:
Designated Derivative Contracts liability
$(24,676)$— $(24,676)$— 
Non-qualified deferred compensation liability(2,346)(2,346)— — 
Non-Designated Derivative Contracts liability(354)— (354)— 
Other long-term liabilities:
Non-qualified deferred compensation liability(28,932)(28,932)— — 
Total liabilities measured at fair value$(56,308)$(31,278)$(25,030)$— 
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 asset75 — 75 — 
Other assets:
Non-qualified deferred compensation asset16,967 16,967 — — 
Total assets measured at fair value$1,504,760 $1,502,522 $2,238 $— 
Liabilities:
Other accrued expenses:
Non-qualified deferred compensation liability$(2,345)$(2,345)$— $— 
Designated Derivative Contracts liability
(64)— (64)— 
Other long-term liabilities:
As ofMeasured Using
March 31, 2025Level 1Level 2Level 3
Non-qualified deferred compensation liability(22,793)(22,793)— — 
Total liabilities measured at fair value$(25,202)$(25,138)$(64)$— 
v3.25.2
INCOME TAXES (Tables)
 3 Months Ended
Jun. 30, 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 June 30,
20252024
Income tax expense$43,863 $33,528 
Effective income tax rate24.0 %22.5 %
v3.25.2
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Jun. 30, 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 June 30,
20252024
Non-cash operating activities (1)
Operating lease assets obtained in exchange for lease liabilities
$45,271 $12,336 
Reductions to operating lease assets for reductions to lease liabilities
(2,652)(1,106)
(1) Amounts disclosed include non-cash additions or reductions resulting from lease remeasurements, as well as reductions for tenant improvement allowances.
v3.25.2
DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Jun. 30, 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:
June 30, 2025
Designated
Derivative Contracts
Non-Designated
Derivative Contracts
Total
Notional value$374,348 $42,207 $416,555 
Fair value recorded in other accrued expenses(24,676)(354)(25,030)
March 31, 2025
Designated
Derivative Contracts
Non-Designated
Derivative Contracts
Total
Notional value$367,695 $14,018 $381,713 
Fair value recorded in other current assets2,163 75 2,238 
Fair value recorded in other accrued expenses(64)— (64)
Schedule of Location and Amount of Gains and Losses Related to Derivatives Designated as Hedging Instruments
The following table summarizes the effect of Designated Derivative Contracts and the related income tax effects of unrealized gains or losses recorded in the condensed consolidated statements of comprehensive income for changes in accumulated other comprehensive loss (AOCL):
Three Months Ended June 30,
20252024
(Loss) gain recorded in OCI$(25,210)$1,132 
Reclassifications from AOCL into net sales535 — 
Income tax benefit (expense) in OCI6,050 (276)
Total$(18,625)$856 
v3.25.2
STOCKHOLDERS’ EQUITY (Tables)
 3 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Stock Repurchases
Stock repurchase activity under the stock repurchase program was as follows:
Three Months Ended June 30,
20252024
Total number of shares repurchased (1)
1,665,902 1,061,736 
Weighted average price per share
$109.84 $143.13 
Dollar value of shares repurchased (2) (3)
$182,991 $151,967 
(1) All share repurchases were made pursuant to the stock repurchase program in open-market transactions.
(2) May not calculate on rounded amounts.
(3) The dollar value of shares repurchased excludes the cost of broker commissions, excise taxes, and other costs.
Components of Accumulated Other Comprehensive Loss The components within AOCL, net of tax, recorded in the condensed consolidated balance sheets, are as follows:
 June 30, 2025March 31, 2025
Unrealized (loss) gain on cash flow hedges$(18,625)$1,584 
Cumulative foreign currency translation loss(39,464)(51,238)
Total $(58,089)$(49,654)
v3.25.2
BASIC AND DILUTED SHARES (Tables)
 3 Months Ended
Jun. 30, 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 June 30,
 20252024
Basic149,344,000 152,867,000 
Dilutive effect of equity awards291,000 616,000 
Diluted149,635,000 153,483,000 
Excluded
Time-Based Restricted Stock Units60,000 3,000 
Long-Term Incentive Plan Performance-Based Restricted Stock Units155,000 290,000 
Deferred Non-Employee Director Equity Awards5,000 1,000 
Employee Stock Purchase Plan4,000 1,000 
v3.25.2
REPORTABLE OPERATING SEGMENTS (Tables)
 3 Months Ended
Jun. 30, 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 June 30, 2025HOKAUGG
Other Brands
Total
Net sales$653,119$265,092$46,327$964,538
Less: Cost of sales (1)
276,172125,76824,692426,632
Segment gross profit376,947139,32421,635537,906
Segment gross margin57.7 %52.6 %46.7 %55.8 %
Less: (1)
Payroll and related costs28,508 32,865 4,532 65,905 
Advertising, marketing, and promotion expenses55,988 19,568 6,208 81,764 
Rent and occupancy9,046 17,217 38 26,301 
Depreciation and other related costs (2)
1,473 2,957 39 4,469 
Other segment items (3)
28,404 12,734 3,065 44,203 
Segment SG&A expenses
123,419 85,341 13,882 222,642 
Segment income from operations$253,528 $53,983 $7,753 $315,264 
Segment operating margin (4)
38.8 %20.4 %16.7 %32.7 %
Three Months Ended June 30, 2024HOKAUGG
Other Brands
Total
Net sales$545,178$222,951$57,218$825,347
Less: Cost of sales (1)
221,513103,69230,142355,347
Segment gross profit323,665119,25927,076470,000
Segment gross margin59.4 %53.5 %47.3 %56.9 %
Less: (1)
Payroll and related costs20,729 28,420 4,194 53,343 
Advertising, marketing, and promotion expenses45,303 15,860 7,323 68,486 
Rent and occupancy5,767 15,186 189 21,142 
Depreciation and other related costs (2)
1,055 2,404 308 3,767 
Other segment items (3)
19,893 11,503 2,376 33,772 
Segment SG&A expenses
92,747 73,373 14,390 180,510 
Segment income from operations$230,918 $45,886 $12,686 $289,490 
Segment operating margin (4)
42.4 %20.6 %22.2 %35.1 %
(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 includes 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 primarily include IT expenses, certain 3PL service fees, contract service fees, travel, materials and supplies, credit card fees, and commissions.
(4) Operating margin is defined as income from operations divided by net sales.
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 June 30,
20252024
Segment income from operations
$315,264 $289,490 
Unallocated enterprise and shared brand expenses (1)
(149,977)(156,683)
Total other income, net17,779 16,346 
Consolidated income before income taxes
$183,066 $149,153 
(1) The change in reportable operating segments had an impact on segment income from operations, a measure of segment profitability, and a clarification was made that certain prior unallocated overhead costs are defined as unallocated enterprise and shared brand expenses and are excluded from the measure of segment profitability.
v3.25.2
GENERAL (Details)
 3 Months Ended
Jun. 30, 2025
segment
proprietary_brand
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of proprietary brands | proprietary_brand 5
Number of reportable segments | segment 3
v3.25.2
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS - Schedule of Net Sales by Channel and Geography (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]    
Net sales $ 964,538 $ 825,347
Domestic    
Disaggregation of Revenue [Line Items]    
Net sales 501,258 515,856
International    
Disaggregation of Revenue [Line Items]    
Net sales 463,280 309,491
Wholesale    
Disaggregation of Revenue [Line Items]    
Net sales 652,364 514,782
Direct-to-Consumer    
Disaggregation of Revenue [Line Items]    
Net sales $ 312,174 $ 310,565
v3.25.2
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS - Narrative (Details)
 3 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
One Customer | Trade Accounts Receivable | Customer Concentration Risk    
Concentration Risk [Line Items]    
Concentration risk 12.10% 13.60%
v3.25.2
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS - Schedule of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Sales Return Asset    
Beginning balance $ 21,120 $ 13,866
Net additions to sales return liability 7,369 10,976
Actual returns (13,556) (14,077)
Ending balance 14,933 10,765
Sales Return Liability    
Beginning balance (63,462) (55,327)
Net additions to sales return liability (40,888) (40,741)
Actual returns 55,508 58,277
Ending balance $ (48,842) $ (37,791)
v3.25.2
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS - Schedule of Loyalty Programs (Details) - Loyalty Programs - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 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 4,994 5,060
Deferred revenue for loyalty points and certificates issued (4,205) (4,575)
Ending balance $ (17,777) $ (17,101)
v3.25.2
REVENUE RECOGNITION AND BUSINESS CONCENTRATIONS - Schedule of Deferred Revenue (Details) - Wholesale - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Contract With Customer, Liability [Roll Forward]    
Beginning balance $ (27,305) $ (9,591)
Additions of customer cash payments (27,176) (27,101)
Revenue recognized 25,573 9,254
Ending balance $ (28,908) $ (27,438)
v3.25.2
FAIR VALUE MEASUREMENTS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Assets:    
Money-market funds $ 1,376,741 $ 1,485,555
Derivative Contracts asset   2,238
Non-qualified deferred compensation asset 19,593 16,967
Total assets measured at fair value 1,396,334 1,504,760
Liabilities:    
Derivative Contracts liability (25,030) (64)
Non-qualified deferred compensation liability (2,346) (2,345)
Non-qualified deferred compensation liability (28,932) (22,793)
Total liabilities measured at fair value (56,308) (25,202)
Designated as Hedging Instrument    
Assets:    
Derivative Contracts asset   2,163
Liabilities:    
Derivative Contracts liability (24,676) (64)
Not Designated as Hedging Instrument    
Assets:    
Derivative Contracts asset   75
Liabilities:    
Derivative Contracts liability (354) 0
Level 1    
Assets:    
Money-market funds 1,376,741 1,485,555
Non-qualified deferred compensation asset 19,593 16,967
Total assets measured at fair value 1,396,334 1,502,522
Liabilities:    
Non-qualified deferred compensation liability (2,346) (2,345)
Non-qualified deferred compensation liability (28,932) (22,793)
Total liabilities measured at fair value (31,278) (25,138)
Level 1 | Designated as Hedging Instrument    
Assets:    
Derivative Contracts asset   0
Liabilities:    
Derivative Contracts liability 0 0
Level 1 | Not Designated as Hedging Instrument    
Assets:    
Derivative Contracts asset   0
Liabilities:    
Derivative Contracts liability 0  
Level 2    
Assets:    
Money-market funds 0 0
Non-qualified deferred compensation asset 0 0
Total assets measured at fair value 0 2,238
Liabilities:    
Non-qualified deferred compensation liability 0 0
Non-qualified deferred compensation liability 0 0
Total liabilities measured at fair value (25,030) (64)
Level 2 | Designated as Hedging Instrument    
Assets:    
Derivative Contracts asset   2,163
Liabilities:    
Derivative Contracts liability (24,676) (64)
Level 2 | Not Designated as Hedging Instrument    
Assets:    
Derivative Contracts asset   75
Liabilities:    
Derivative Contracts liability (354)  
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 Contracts asset   0
Liabilities:    
Derivative Contracts liability 0 0
Level 3 | Not Designated as Hedging Instrument    
Assets:    
Derivative Contracts asset   $ 0
Liabilities:    
Derivative Contracts liability $ 0  
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]    
Income tax expense $ 43,863 $ 33,528
Effective income tax rate 24.00% 22.50%
v3.25.2
COMMITMENTS AND CONTINGENCIES - Operating Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]    
Operating lease assets obtained in exchange for lease liabilities $ 45,271 $ 12,336
Reductions to operating lease assets for reductions to lease liabilities $ (2,652) $ (1,106)
v3.25.2
COMMITMENTS AND CONTINGENCIES - Narrative (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Aggregated estimated obligation $ 37,975
v3.25.2
DERIVATIVE INSTRUMENTS - Narrative (Details) - counterparty
 3 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Foreign currency exchange contracts and hedging    
Number of counterparties in derivative contracts 5 5
Maturity period (in months) 9 months  
Reclassification period of unrealized gain into net sales (in months) 9 months  
Foreign Exchange Option    
Foreign currency exchange contracts and hedging    
Maturity of foreign currency derivatives 15 months  
Foreign Exchange Forward    
Foreign currency exchange contracts and hedging    
Maturity of foreign currency derivatives 15 months  
v3.25.2
DERIVATIVE INSTRUMENTS - Summary of Derivatives (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Foreign currency exchange contracts and hedging    
Notional value $ 416,555 $ 381,713
Fair value recorded in other current assets   2,238
Fair value recorded in other accrued expenses (25,030) (64)
Designated as Hedging Instrument    
Foreign currency exchange contracts and hedging    
Notional value 374,348 367,695
Fair value recorded in other current assets   2,163
Fair value recorded in other accrued expenses (24,676) (64)
Not Designated as Hedging Instrument    
Foreign currency exchange contracts and hedging    
Notional value 42,207 14,018
Fair value recorded in other current assets   75
Fair value recorded in other accrued expenses $ (354) $ 0
v3.25.2
DERIVATIVE INSTRUMENTS - Gains (Losses) Recorded in Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
(Loss) gain recorded in OCI $ (25,210) $ 1,132
Reclassifications from AOCL into net sales 535 0
Income tax benefit (expense) in OCI 6,050 (276)
Total $ (18,625) $ 856
v3.25.2
STOCKHOLDERS’ EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Jul. 10, 2025
Jun. 30, 2025
Jun. 30, 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   $ 2,441,711    
Shares repurchased (in shares)   1,665,902 1,061,736  
Average price paid per share (in dollars per share)   $ 109.84 $ 143.13  
Dollar value of shares repurchased   $ 182,991 $ 151,967  
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 $ 2,420,711      
Shares repurchased (in shares) 198,863      
Average price paid per share (in dollars per share) $ 105.60      
Dollar value of shares repurchased $ 21,000      
v3.25.2
STOCKHOLDERS’ EQUITY - Stock Repurchase Programs (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Stockholders' Equity Note [Abstract]    
Total number of shares repurchased (in shares) 1,665,902 1,061,736
Weighted average price per share (in dollars per share) $ 109.84 $ 143.13
Dollar value of shares repurchased $ 182,991 $ 151,967
v3.25.2
STOCKHOLDERS’ EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Stockholders' Equity Note [Abstract]    
Unrealized (loss) gain on cash flow hedges $ (18,625) $ 1,584
Cumulative foreign currency translation loss (39,464) (51,238)
Total $ (58,089) $ (49,654)
v3.25.2
BASIC AND DILUTED SHARES (Details) - shares
shares in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Basic (in shares) 149,344 152,867
Dilutive effect of equity awards (in shares) 291 616
Diluted (in shares) 149,635 153,483
Time-Based Restricted Stock Units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 60 3
LTIP PSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share (in shares) 155 290
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) 5 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) 4 1
v3.25.2
REPORTABLE OPERATING SEGMENTS - Narrative (Details)
 3 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.25.2
REPORTABLE OPERATING SEGMENTS - Schedule of Operating Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]    
Net sales $ 964,538 $ 825,347
Cost of sales 426,632 355,347
Gross profit $ 537,906 $ 470,000
Segment gross margin 55.80% 56.90%
Less:    
Payroll and related costs $ 65,905 $ 53,343
Advertising, marketing, and promotion expenses 81,764 68,486
Rent and occupancy 26,301 21,142
Depreciation and other related costs 4,469 3,767
Other segment items 44,203 33,772
Segment SG&A expenses 222,642 180,510
Segment income from operations $ 315,264 $ 289,490
Segment operating margin 32.70% 35.10%
HOKA | Reportable segments    
Segment Reporting Information [Line Items]    
Net sales $ 653,119 $ 545,178
Cost of sales 276,172 221,513
Gross profit $ 376,947 $ 323,665
Segment gross margin 57.70% 59.40%
Less:    
Payroll and related costs $ 28,508 $ 20,729
Advertising, marketing, and promotion expenses 55,988 45,303
Rent and occupancy 9,046 5,767
Depreciation and other related costs 1,473 1,055
Other segment items 28,404 19,893
Segment SG&A expenses 123,419 92,747
Segment income from operations $ 253,528 $ 230,918
Segment operating margin 38.80% 42.40%
UGG | Reportable segments    
Segment Reporting Information [Line Items]    
Net sales $ 265,092 $ 222,951
Cost of sales 125,768 103,692
Gross profit $ 139,324 $ 119,259
Segment gross margin 52.60% 53.50%
Less:    
Payroll and related costs $ 32,865 $ 28,420
Advertising, marketing, and promotion expenses 19,568 15,860
Rent and occupancy 17,217 15,186
Depreciation and other related costs 2,957 2,404
Other segment items 12,734 11,503
Segment SG&A expenses 85,341 73,373
Segment income from operations $ 53,983 $ 45,886
Segment operating margin 20.40% 20.60%
Other Brands | Reportable segments    
Segment Reporting Information [Line Items]    
Net sales $ 46,327 $ 57,218
Cost of sales 24,692 30,142
Gross profit $ 21,635 $ 27,076
Segment gross margin 46.70% 47.30%
Less:    
Payroll and related costs $ 4,532 $ 4,194
Advertising, marketing, and promotion expenses 6,208 7,323
Rent and occupancy 38 189
Depreciation and other related costs 39 308
Other segment items 3,065 2,376
Segment SG&A expenses 13,882 14,390
Segment income from operations $ 7,753 $ 12,686
Segment operating margin 16.70% 22.20%
v3.25.2
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
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting [Abstract]    
Segment income from operations $ 315,264 $ 289,490
Unallocated enterprise and shared brand expenses (149,977) (156,683)
Total other income, net 17,779 16,346
Income before income taxes $ 183,066 $ 149,153