CROCS, INC., 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 23, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 000-51754  
Entity Registrant Name CROCS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-2164234  
Entity Address, Address Line One 500 Eldorado Blvd., Building 5  
Entity Address, City or Town Broomfield  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80021  
City Area Code 303  
Local Phone Number 848-7000  
Title of 12(b) Security Common Stock, par value $0.001 per share  
Trading Symbol CROX  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   49,689,648
Amendment Flag false  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2026  
Entity Central Index Key 0001334036  
Current Fiscal Year End Date --12-31  
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenues $ 921,457 $ 937,333
Cost of sales 398,512 395,784
Gross profit 522,945 541,549
Selling, general and administrative expenses 322,101 318,575
Income from operations 200,844 222,974
Foreign currency gains (losses), net (1,625) 4,873
Interest income 335 333
Interest expense (20,459) (22,766)
Other expense, net (251) (475)
Income before income taxes 178,844 204,939
Income tax expense 41,288 44,836
Net income $ 137,556 $ 160,103
Net income per common share:    
Basic (in dollars per share) $ 2.74 $ 2.85
Diluted (in dollars per share) $ 2.71 $ 2.83
Weighted average common shares outstanding:    
Basic (in shares) 50,282 56,110
Diluted (in shares) 50,707 56,502
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 137,556 $ 160,103
Derivatives designated as hedging instruments:    
Unrealized gains on derivative instruments 1,048 23
Reclassification adjustment for realized (gains) losses on derivative instruments 0 (419)
Net increase (decrease) from derivatives designated as hedging instruments 1,048 (396)
Foreign currency translation gains (losses), net (12,834) 29,968
Total comprehensive income, net of tax $ 125,770 $ 189,675
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 130,881 $ 130,354
Accounts receivable, net of allowances of $26,303 and $28,136, respectively 442,320 278,191
Inventories 397,557 368,687
Income taxes receivable 2,443 32,782
Other receivables 25,315 22,082
Prepaid expenses and other assets 66,687 53,787
Total current assets 1,065,203 885,883
Property and equipment, net of accumulated depreciation of $222,974 and $209,873, respectively 236,874 238,191
Intangible assets, net of accumulated amortization of $190,442 and $184,490, respectively 1,320,658 1,324,680
Goodwill 404,662 404,689
Deferred tax assets, net 920,050 935,054
Restricted cash 3,467 3,557
Right-of-use assets 345,137 338,669
Other assets 47,363 44,027
Total assets 4,343,414 4,174,750
Current liabilities:    
Accounts payable 242,474 266,090
Accrued expenses and other liabilities 259,430 300,959
Income taxes payable 43,764 47,308
Current borrowings 5,550 0
Current operating lease liabilities 88,298 85,772
Total current liabilities 639,516 700,129
Deferred tax liabilities, net 902 882
Long-term income taxes payable 640,521 649,057
Long-term borrowings 1,330,271 1,230,885
Long-term operating lease liabilities 301,325 297,192
Other liabilities 3,489 3,322
Total liabilities 2,916,024 2,881,467
Commitments and contingencies
Stockholders’ equity:    
Common stock, par value $0.001 per share, 250.0 million shares authorized, 110.9 million and 110.7 million issued, 50.4 million and 50.2 million outstanding, respectively 111 111
Treasury stock, at cost, 60.5 million and 60.5 million shares, respectively (3,042,686) (3,040,416)
Additional paid-in capital 907,212 896,605
Retained earnings 3,618,194 3,480,638
Accumulated other comprehensive loss (55,441) (43,655)
Total stockholders’ equity 1,427,390 1,293,283
Total liabilities and stockholders’ equity $ 4,343,414 $ 4,174,750
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Accounts receivable, net of allowance $ 26,303 $ 28,136
Accumulated depreciation 222,974 209,873
Accumulated amortization $ 190,442 $ 184,490
Common stock par value (in dollars per share) $ 0.001 $ 0.001
Common stock authorized (in shares) 250,000,000.0 250,000,000.0
Common stock issued (in shares) 110,900,000 110,700,000
Common stock outstanding (in shares) 50,400,000 50,200,000
Treasury stock (in shares) 60,500,000 60,500,000
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Common Stock
Treasury Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2024   56,475,000        
Beginning balance at Dec. 31, 2024 $ 1,835,732 $ 110 $ (2,453,473) $ 859,904 $ 3,561,836 $ (132,645)
Beginning balance (in shares) at Dec. 31, 2024     53,930,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation 8,777     8,777    
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes (in shares)   189,000 33,000      
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes (3,309) $ 1 $ (3,310)      
Repurchases of common stock, including excise tax (in shares)   (607,000) (607,000)      
Repurchases of common stock, including excise tax (61,282) $ (60,900) $ (61,282)      
Net income 160,103       160,103  
Other comprehensive income (loss) 29,572         29,572
Ending balance (in shares) at Mar. 31, 2025   56,057,000        
Ending balance at Mar. 31, 2025 $ 1,969,593 $ 111 $ (2,518,065) 868,681 3,721,939 (103,073)
Ending balance (in shares) at Mar. 31, 2025     54,570,000      
Beginning balance (in shares) at Dec. 31, 2025 50,200,000 50,220,000        
Beginning balance at Dec. 31, 2025 $ 1,293,283 $ 111 $ (3,040,416) 896,605 3,480,638 (43,655)
Beginning balance (in shares) at Dec. 31, 2025 60,500,000   60,481,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation $ 10,607     10,607    
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes (in shares)   225,000 30,000      
Exercises of stock options, issuance of restricted stock awards, and vests of restricted stock units, net of shares withheld for taxes (2,455)   $ (2,455)      
Repurchases of common stock, including excise tax 185   185      
Repurchases of common stock, including excise tax (in shares)   0        
Net income 137,556       137,556  
Other comprehensive income (loss) $ (11,786)         (11,786)
Ending balance (in shares) at Mar. 31, 2026 50,400,000 50,445,000        
Ending balance at Mar. 31, 2026 $ 1,427,390 $ 111 $ (3,042,686) $ 907,212 $ 3,618,194 $ (55,441)
Ending balance (in shares) at Mar. 31, 2026 60,500,000   60,511,000      
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 137,556 $ 160,103
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 20,240 18,537
Operating lease cost 28,053 24,186
Share-based compensation 10,607 8,777
Asset impairment 3,301 0
Deferred taxes 954 13,589
Other non-cash items 4,568 (355)
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities:    
Accounts receivable (165,459) (183,607)
Inventories (30,959) (36,633)
Prepaid expenses and other assets (20,246) 3,516
Accounts payable, accrued expenses and other liabilities (64,574) (71,094)
Right-of-use assets and operating lease liabilities (27,786) (23,901)
Income taxes 22,811 19,647
Cash used in operating activities (80,934) (67,235)
Cash flows from investing activities:    
Purchases of property, equipment, and software (18,000) (15,375)
Cash used in investing activities (18,000) (15,375)
Cash flows from financing activities:    
Proceeds from borrowings 178,550 195,000
Repayments of borrowings (76,000) (65,000)
Repurchases of common stock 0 (60,866)
Repurchases of common stock for tax withholding (2,455) (3,310)
Cash provided by financing activities 100,095 65,824
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (724) 2,845
Net change in cash, cash equivalents, and restricted cash 437 (13,941)
Cash, cash equivalents, and restricted cash—beginning of period 133,911 183,678
Cash, cash equivalents, and restricted cash—end of period $ 134,348 $ 169,737
v3.26.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Unless otherwise noted in this report, any description of the “Company,” “we,” “us,” or “our” includes Crocs, Inc. and our consolidated subsidiaries within our reportable operating segments and corporate operations. We are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for all. We strive to be the global leader in the sale of casual footwear characterized by functionality, comfort, color, and lightweight design.

Our reportable operating segments include: (i) the Crocs Brand and (ii) the HEYDUDE Brand. See Note 13 — Operating Segments for additional information.

The accompanying unaudited condensed consolidated interim financial statements include our accounts and those of our wholly-owned subsidiaries, and they reflect all adjustments which are necessary for a fair statement of results of operations, financial position, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Such unaudited condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.

These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 (“Annual Report”), and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report. Our accounting policies did not change during the three months ended March 31, 2026, other than with respect to the new accounting pronouncements adopted, as applicable, as described in Note 2 — Recent Accounting Pronouncements.

Reclassifications

We have reclassified certain amounts within Note 1 — Basis of Presentation and Summary of Significant Accounting Policies to conform to current period presentation.

Use of Estimates

U.S. GAAP requires us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. Management believes that the estimates, judgments, and assumptions made when accounting for items and matters such as, but not limited to, the allowance for doubtful accounts, customer rebates, sales returns and allowances, impairment assessments and charges, recoverability of long-lived assets, deferred tax assets, valuation allowances, uncertain tax positions, income tax expense, share-based compensation expense, the assessment of lower of cost or net realizable value on inventory, useful lives assigned to long-lived assets, goodwill, and indefinite-lived intangible assets are reasonable based on information available at the time they are made. To the extent there are differences between these estimates and actual results, our condensed consolidated financial statements may be materially affected.
Condensed Consolidated Statements of Cash Flows - Supplemental Disclosures

Three Months Ended March 31,
20262025
(in thousands)
Cash paid for interest$24,360 $26,838 
Cash paid for income taxes, net of refunds (1)
17,069 12,020 
Cash paid for operating leases27,860 24,579 
Non-Cash Investing and Financing Activities:
Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations$29,232 $45,361 
Accrued purchases of property, equipment, and software
6,893 8,809 
(1) In the fourth quarter of 2025, we revised our presentation for cash paid for income taxes. Previously, cash paid for income taxes was presented excluding income tax refunds received. Under the revised presentation, cash paid for income taxes is presented net of refunds. We believe the revised presentation provides more meaningful and transparent information regarding our operating cash flows. Amounts for the three months ended March 31, 2025, have been recast to conform to current period presentation.
v3.26.1
RECENT ACCOUNTING PRONOUNCEMENTS
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS RECENT ACCOUNTING PRONOUNCEMENTS
 
New Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses

In November 2024, with subsequent clarification in January 2025, the FASB issued authoritative guidance related to the disclosure of disaggregation of income statement expenses. This guidance becomes effective for annual periods beginning after December 15, 2026, with early adoption permitted, and should be applied on a prospective basis. We do not expect this standard to have a material impact on our consolidated financial statements, but it will require increased disclosures within the notes to our consolidated financial statements.

Other new pronouncements issued but not effective until after March 31, 2026, are not expected to have a material impact on our condensed consolidated financial statements.
v3.26.1
ACCRUED EXPENSES AND OTHER LIABILITIES
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
ACCRUED EXPENSES AND OTHER LIABILITIES ACCRUED EXPENSES AND OTHER LIABILITIES
 
Amounts reported in ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets were:
March 31, 2026December 31, 2025
 (in thousands)
Accrued compensation and benefits$54,111 $88,242 
Professional services 43,108 53,331 
Fulfillment, freight, and duties44,508 39,720 
Return liabilities36,868 37,960 
Sales/use and value added taxes payable23,958 23,068 
Other
56,877 58,638 
Total accrued expenses and other liabilities$259,430 $300,959 
v3.26.1
LEASES
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
LEASES LEASES
Right-of-Use Assets and Operating Lease Liabilities

Amounts reported in the condensed consolidated balance sheets were:
March 31, 2026December 31, 2025
(in thousands)
Assets:
Right-of-use assets$345,137 $338,669 
Liabilities:
Current operating lease liabilities$88,298 $85,772 
Long-term operating lease liabilities301,325 297,192 
Total operating lease liabilities$389,623 $382,964 

Lease Costs and Other Information

Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income were:
Three Months Ended March 31,
20262025
(in thousands)
Operating lease cost $28,053 $24,186 
Short-term lease cost2,650 2,960 
Variable lease cost5,825 5,589 
Total lease costs$36,528 $32,735 

The weighted average remaining lease term and discount rate related to our lease liabilities as of March 31, 2026, was 5.4 years and 6.6%, respectively. As of March 31, 2025, the weighted average remaining lease term and discount rate related to our lease liabilities was 6.0 years and 6.5%, respectively.

Maturities

The maturities of our operating lease liabilities were:
As of
March 31, 2026
(in thousands)
2026 (remainder of year)$75,021 
202797,935 
202878,406 
202962,685 
203047,313 
Thereafter104,260 
Total future minimum lease payments465,620 
Less: imputed interest(75,997)
Total operating lease liabilities$389,623 
v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
 
Recurring Fair Value Measurements
 
All of our derivative instruments are classified as Level 2 of the fair value hierarchy and are reported in the condensed consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at March 31, 2026, and December 31, 2025. The fair values of our derivative instruments were an insignificant asset at March 31, 2026, and an insignificant asset and an insignificant liability at December 31, 2025. See Note 6 — Derivative Financial Instruments for more information.

The carrying amounts of our cash, cash equivalents, and restricted cash approximate their fair value and are classified as Level
1 of the fair value hierarchy. The carrying amounts of our accounts receivable, accounts payable, and current accrued expenses and other liabilities approximate their fair value as recorded due to the short-term maturity of these instruments and are classified as Level 2 of the fair value hierarchy.

Our borrowing instruments are recorded at their carrying values in the condensed consolidated balance sheets, which may differ from their respective fair values. The Term Loan B Facility (as defined below) and the Notes (as defined below) are classified as Level 1 of the fair value hierarchy and are reported in our condensed consolidated balance sheet at face value, less unamortized issuance costs. The fair value of our Revolving Facility (as defined below) approximates its carrying value at March 31, 2026, and December 31, 2025, based on interest rates currently available to us for similar borrowings. The carrying value and fair value of our borrowing instruments as of March 31, 2026, and December 31, 2025, were:

March 31, 2026December 31, 2025
Carrying ValueFair ValueCarrying ValueFair Value
(in thousands)
Term Loan B Facility$500,000 $502,188 $500,000 $504,063 
2029 Notes350,000 336,424 350,000 339,304 
2031 Notes350,000 316,306 350,000 323,971 
Revolving Facility159,000 159,000 62,000 62,000 

Non-Financial Assets and Liabilities

Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value.

The fair values of these assets were determined based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans. We recorded impairments within ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income as follows:
Three Months Ended March 31,
20262025
(in thousands)
Leasehold improvement asset impairment (1)
$3,301 $— 
Total asset impairments$3,301 $— 
(1) During the three months ended March 31, 2026, we recognized impairment charges of $3.3 million for certain HEYDUDE retail stores.
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
 
We transact business in various foreign entities and are therefore exposed to foreign currency exchange rate risk that impacts the reported U.S. Dollar (“USD”) amounts of revenues, expenses, and certain foreign currency monetary assets and liabilities. In order to manage exposure to fluctuations in foreign currency and to reduce the volatility in earnings caused by fluctuations in foreign exchange rates, we may enter into forward contracts to buy and sell foreign currency. By policy, we do not enter into these contracts for trading purposes or speculation.

Counterparty default risk is considered low because the forward contracts we enter into are over-the-counter instruments transacted with highly-rated financial institutions. We were not required to and did not post collateral as of March 31, 2026, or December 31, 2025.

Our derivative instruments are recorded at fair value as a derivative asset or liability in the condensed consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at March 31, 2026, and December 31, 2025. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain components of its risk, even though hedge accounting does not apply, or we elect not to apply hedge accounting.

We report derivative instruments with the same counterparty on a net basis when a master netting arrangement is in place. For the condensed consolidated statements of cash flows, we classify cash flows from derivative instruments at settlement in the same category as the cash flows from the related hedged items within ‘Cash used in operating activities.’

As of March 31, 2026, we have derivatives not designated as hedging instruments (“non-hedged derivatives”), which consist of foreign currency forward contracts primarily used to hedge monetary assets and liabilities denominated in non-functional currencies. For our non-hedged derivatives, changes in fair value are recognized within ‘Foreign currency gains (losses), net’ in the condensed consolidated statements of income.

We also have cash flow hedges (“hedged derivatives”) as of March 31, 2026. We are exposed to fluctuations in various foreign currencies against our functional currency, the U.S. Dollar. Specifically, we have subsidiaries that transact in currencies other than their functional currency. We use cash flow hedges to minimize the variability in cash flows caused by fluctuations in foreign currency exchange rates related to our external sales and external purchases of inventory. Currency forward agreements involve fixing the exchange rates for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD for their fair value at or close to their settlement date. We may also use currency option contracts under which we will pay a premium for the right to sell a specified amount of a foreign currency prior to the maturity date of the option.

For derivatives designated and that qualify as cash flow hedges of foreign exchange risk, the gain or loss on the derivative is recorded in ‘Accumulated other comprehensive loss’ in the condensed consolidated balance sheets. In the period during which the hedged transaction affects earnings, the related gain or loss is subsequently reclassified to ‘Revenues’ or ‘Cost of sales’ in the condensed consolidated statements of income, which is consistent with the nature of the hedged transaction. During the three months ended March 31, 2026, and 2025, there was no gain or loss and a gain of $0.6 million, respectively, recognized due to reclassification from ‘Accumulated other comprehensive loss’ to ‘Revenues’ or ‘Cost of sales’ related to our hedged derivatives. During the next twelve months, we estimate that a gain of $0.5 million will be reclassified to our condensed consolidated statements of income.
The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, reported within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets, were:
March 31, 2026December 31, 2025
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
(in thousands)
Non-hedged derivatives:
Forward foreign currency exchange contracts$985 $(784)$888 $(291)
Hedged derivatives:
Cash flow foreign currency contracts927 (262)109 (961)
Total derivatives1,912 (1,046)997 (1,252)
Netting of counterparty contracts(789)789 (268)268 
Total derivatives, net of counterparty contracts$1,123 $(257)$729 $(984)

The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position.
March 31, 2026December 31, 2025
NotionalFair ValueNotionalFair Value
(in thousands)
Non-hedged derivatives:
British Pound Sterling$6,322 $105 $69,908 $(154)
South Korean Won9,330 270 18,690 257 
Euro31,426 548 12,712 18 
Brazilian Real15,205 (695)12,026 28 
Japanese Yen6,762 62 7,882 354 
Canadian Dollar7,642 (89)4,938 94 
Total non-hedged derivatives76,687 201 126,156 597 
Hedged derivatives:
Euro22,389 295 39,909 (279)
South Korean Won13,252 360 23,963 (494)
Japanese Yen6,007 187 9,342 109 
British Pound Sterling4,624 39 7,931 (82)
Australian Dollar6,729 (262)7,677 (46)
Canadian Dollar5,407 46 7,595 (60)
Total hedged derivatives58,408 665 96,417 (852)
Total derivatives$135,095 $866 $222,573 $(255)
Latest maturity date, non-hedged derivativesApril 2026January 2026
Latest maturity date, hedged derivativesDecember 2026December 2026

Amounts reported in ‘Foreign currency gains (losses), net’ in the condensed consolidated statements of income include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were:
Three Months Ended March 31,
 20262025
 (in thousands)
Foreign currency transaction gains (losses)
$(1,687)$4,749 
Foreign currency forward exchange contracts gains
62 124 
Foreign currency gains (losses), net
$(1,625)$4,873 
v3.26.1
BORROWINGS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
 
Our long-term borrowings were as follows:
MaturityStated Interest RateEffective Interest RateMarch 31, 2026December 31, 2025
(in thousands)
Notes issuance of $350.0 million
20294.250 %4.64 %$350,000 $350,000 
Notes issuance of $350.0 million
20314.125 %4.35 %350,000 350,000 
Term Loan B Facility2029500,000 500,000 
Revolving Facility
2027
159,000 62,000 
Total face value of long-term borrowings1,359,000 1,262,000 
Less:
Unamortized issuance costs28,729 31,115 
Total long-term borrowings$1,330,271 $1,230,885 

At March 31, 2026, and December 31, 2025, $3.6 million and $10.2 million, respectively, of accrued interest related to our borrowings was reported in ‘Accounts payable’ in the condensed consolidated balance sheets.

Senior Revolving Credit Facility

In July 2019, the Company and certain of its subsidiaries (the “Borrowers”) entered into a Second Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), with the lenders named therein and PNC Bank, National Association, as a lender and administrative agent for the lenders. Since that time, we have amended the Credit Agreement, which, as amended to date, provides for a revolving credit facility of $1.0 billion, which can be increased by an additional $400.0 million subject to certain conditions (the “Revolving Facility”). Borrowings under the Credit Agreement bear interest at a variable interest rate based on (A) a Base Rate (defined as the highest of (i) the Overnight Bank Funding Rate (as defined in the Credit Agreement), plus 0.25%, (ii) the Prime Rate (as defined in the Credit Agreement), and (iii) the Daily Simple SOFR (as defined in the Credit Agreement), plus 1.00%), plus an applicable margin ranging from 0.25% to 0.875% based on our leverage ratio or 1.35% to 1.975% for the Daily Simple SOFR based on the leverage ratio, inclusive of a 0.10% SOFR adjustment, or (B) the Term SOFR Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 1.35% to 1.975% based on our leverage ratio for one-month interest periods and three-month interest periods, inclusive of a 0.10% SOFR adjustment. Borrowings under the Credit Agreement are secured by all of the assets of the Borrowers and guaranteed by certain other subsidiaries of the Borrowers.

The Credit Agreement requires us to maintain a minimum interest coverage ratio of 3.00 to 1.00, and a maximum leverage ratio of 3.25 to 1.00 (subject to adjustment in certain circumstances). The Credit Agreement permits, among other things, (i) stock repurchases subject to certain restrictions, including after giving effect to such stock repurchases, the maximum leverage ratio does not exceed certain levels; and (ii) certain acquisitions so long as there is borrowing availability under the Credit Agreement of at least $40.0 million. As of March 31, 2026, we were in compliance with all financial covenants under the Credit Agreement.

As of March 31, 2026, the total commitments available from the lenders under the Revolving Facility were $1.0 billion. At March 31, 2026, we had $159.0 million in outstanding borrowings and $0.6 million in outstanding letters of credit under the Revolving Facility, which reduces amounts available for borrowing under the Revolving Facility. As of March 31, 2026 and December 31, 2025, we had $840.4 million and $937.4 million, respectively, of available borrowing capacity under the Revolving Facility, which matures in November 2027.

Term Loan B Facility

On February 17, 2022, the Company entered into a credit agreement (the “Original Term Loan B Credit Agreement”) with Citibank, N.A., as administrative agent and lender, which was amended on August 8, 2023, (the “August 2023 Amendment”) and on February 13, 2024 (the “February 2024 Amendment”). The Original Term Loan B Credit Agreement, as amended by the August 2023 Amendment and the February 2024 Amendment, is referred to herein as the “Term Loan B Credit Agreement.”

The Original Term Loan B Credit Agreement provided for an aggregate term loan B facility in the principal amount of $2.0 billion. Prior to the February 2024 Amendment, the outstanding balance was $820.0 million. Among other things, the
February 2024 Amendment provided for a new $820.0 million tranche of term loans (the “2024 Refinancing Term Loans” and, such facility, the "Term Loan B Facility"), to refinance the then-outstanding principal balance. The 2024 Refinancing Term Loans are secured by substantially all of the Company’s and each subsidiary guarantor’s assets on a pari passu basis with their obligations arising from the Term Loan B Credit Agreement and is scheduled to mature on February 17, 2029, subject to certain exceptions set forth in the Term Loan B Credit Agreement. Additionally, subject to certain conditions, including, without limitation, satisfying certain leverage ratios, the Company may, at any time, on one or more occasions, add one or more new classes of term facilities and/or increase the principal amount of the loans of any existing class by requesting one or more incremental term facilities.

Pursuant to the reduced interest rate margins applicable to the 2024 Refinancing Term Loans, each term loan borrowing which is an alternate base rate borrowing bears interest at a rate per annum equal to the Alternate Base Rate (as defined in the Term Loan B Credit Agreement), plus 1.25%. Each term loan borrowing which is a term SOFR borrowing bears interest at a rate per annum equal to the Adjusted Term SOFR Rate (as defined in the Term Loan B Credit Agreement) plus 2.25%.

As of March 31, 2026, the Term Loan B Facility was fully drawn with no remaining borrowing capacity, and we had $500.0 million in outstanding principal on the Term Loan B Facility.

The Term Loan B Credit Agreement also contains customary affirmative and negative covenants, incurrence financial covenants, representations and warranties, events of default and other provisions. As of March 31, 2026, we were in compliance with all financial covenants under the Term Loan B Credit Agreement.

Asia Revolving Credit Facility

During the three months ended March 31, 2026, we had one revolving credit facility in Asia with Citibank (China) Company Limited, Shanghai Branch (the “Citibank Facility”), which, as amended, provides up to an equivalent of $15.0 million.

As of March 31, 2026, we had borrowings outstanding of $5.6 million on the Citibank Facility, which became due in April 2026. As of December 31, 2025, we had no borrowings outstanding on the Citibank Facility.

Senior Notes Issuances

In March 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.250% Senior Notes due March 15, 2029 (the “2029 Notes”), pursuant to the indenture related thereto (as amended and/or supplemented to date, the “2029 Notes Indenture”). Additionally, in August 2021, the Company completed the issuance and sale of $350.0 million aggregate principal amount of 4.125% Senior Notes due August 15, 2031 (the “2031 Notes”), pursuant to the indenture related thereto (as amended and/or supplemented to date, “the 2031 Notes Indenture” and, together with the 2029 Notes Indenture, the “Indentures” and, each, an “Indenture”). Interest on each of the 2029 Notes and the 2031 Notes (collectively, the “Notes”) is payable semi-annually.

The Company has the option to redeem all or any portion of the 2029 Notes, at once or over time, at any time on or after March 15, 2024, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company also had the option to redeem some or all of the 2029 Notes at any time before March 15, 2024, at a redemption price of 100% of the principal amount to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before March 15, 2024, the Company could have redeemed up to 40% of the aggregate principal amount of the 2029 Notes at a redemption price of 104.250% of the principal amount with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

The Company will have the option to redeem all or any portion of the 2031 Notes, at once or over time, at any time on or after August 15, 2026, at a redemption price equal to 100% of the principal amount thereof, plus a premium declining ratably on an annual basis to par and accrued and unpaid interest, if any, to, but excluding, the date of redemption. The Company will also have the option to redeem some or all of the 2031 Notes at any time before August 15, 2026, at a redemption price of 100% of the principal amount to be redeemed, plus a “make-whole” premium and accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, at any time before August 15, 2024, the Company could have redeemed up to 40% of the aggregate principal amount of the 2031 Notes at a redemption price of 104.125% of the principal amount with the proceeds from certain equity issuances, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.
The Notes rank pari passu in right of payment with all of the Company’s existing and future senior debt, including the Credit Agreement, and are senior in right of payment to any of the Company’s future debt that is, by its term, expressly subordinated in right of payment to the Notes. The Notes are unconditionally guaranteed by each of the Company’s restricted subsidiaries that is a borrower or guarantor under the Credit Agreement and by each of the Company’s wholly-owned restricted subsidiaries that guarantees any debt of the Company or any guarantor under any syndicated credit facility or capital markets debt in an aggregate principal amount in excess of $25.0 million.

The Indentures contain covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to incur additional debt or issue certain preferred stock; pay dividends or repurchase or redeem capital stock or make other restricted payments; declare or pay dividends or other payments; incur liens; enter into certain types of transactions with the Company’s affiliates; and consolidate or merge with or into other companies. As of March 31, 2026, we were in compliance with all financial covenants under the Notes.
v3.26.1
COMMON STOCK REPURCHASE PROGRAM
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
COMMON STOCK REPURCHASE PROGRAM COMMON STOCK REPURCHASE PROGRAM 
During the three months ended March 31, 2026, we did not repurchase any shares of our common stock. During the three months ended March 31, 2025, we repurchased 0.6 million shares of our common stock at a cost of $60.9 million, including commissions.

As of March 31, 2026, and December 31, 2025, we had an accrual recorded for the stock repurchase excise tax of $5.3 million and $5.5 million, respectively, which is reported in ‘Accrued expenses and other liabilities’ and ‘Treasury stock’ in our condensed consolidated balance sheets.

As of March 31, 2026, we had remaining authorization to repurchase $746.8 million of our common stock, subject to restrictions under our Indentures, Credit Agreement, and Term Loan B Credit Agreement.
v3.26.1
REVENUES
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenues by reportable operating segment, geography, and channel were:

Three Months Ended March 31,
20262025
(in thousands)
Crocs Brand:
North America:
Wholesale$138,397 $170,682 
Direct-to-consumer207,529 197,835 
Total North America (1)
345,926 368,517 
International:
Wholesale307,425 306,122 
Direct-to-consumer114,065 86,969 
Total International421,490 393,091 
Total Crocs Brand$767,416 $761,608 
Crocs Brand:
Total Wholesale
$445,822 $476,804 
Total Direct-to-consumer
321,594 284,804 
Total Crocs Brand767,416 761,608 
HEYDUDE Brand:
Wholesale83,402 110,693 
Direct-to-consumer70,639 65,032 
Total HEYDUDE Brand (2)
154,041 175,725 
Total consolidated revenues$921,457 $937,333 
(1) North America includes the United States and Canada.
(2) The vast majority of HEYDUDE Brand revenues are derived from North America.
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income tax expense and effective tax rates were:
Three Months Ended March 31,
 20262025
(in thousands, except effective tax rate)
Income before income taxes$178,844 $204,939 
Income tax expense 41,288 44,836 
Effective tax rate23.1 %21.9 %

During the three months ended March 31, 2026, income tax expense decreased $3.5 million compared to the same period in 2025. The effective tax rate for the three months ended March 31, 2026, was 23.1% compared to an effective tax rate of 21.9% for the same period in 2025, an increase of 120 basis points. This increase in the effective tax rate was primarily driven by a shift in the mix of our domestic and foreign earnings. Our effective income tax rate, for each period presented, also differs from the federal U.S. statutory rate due to differences in income tax rates between U.S. and foreign jurisdictions.

Pillar Two Global Minimum Tax

The Organization for Economic Co-operation and Development (“OECD”) has released Pillar Two model rules introducing a 15% global minimum tax rate applied on a country-by-country basis for large multinational corporations. Various jurisdictions we operate in have enacted the legislation. In January 2026, the OECD released additional guidance that excludes U.S. parented
companies from most of the scope of Pillar Two taxes, specifically the Income Inclusion Rule and Undertaxed Profits Rule effective as of 2026. We are monitoring continuing development of these laws and the potential impact they will have on our Company. We do not anticipate the Pillar Two rules will have a significant impact on our 2026 consolidated financial statements.

H.R.1 Tax Act Bill

On July 4, 2025, H.R.1. was signed into law, amending and extending several provisions of the 2017 Tax Cuts and Jobs Act. Key changes relevant to the Company include the reinstatement of 100% bonus depreciation, the deductibility of domestic R&D expenses, and modifications to international provisions. The Company applied the provisions of the new tax law this quarter and it did not have a significant impact on our 2026 consolidated financial statements.
v3.26.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
 
Basic and diluted earnings per common share (“EPS”) for the three months ended March 31, 2026, and 2025, were:
Three Months Ended March 31,
20262025
(in thousands, except per share data)
Numerator:  
Net income
$137,556 $160,103 
Denominator:  
Weighted average common shares outstanding - basic
50,282 56,110 
Plus: Dilutive effect of stock options and unvested restricted stock units
425 392 
Weighted average common shares outstanding - diluted
50,707 56,502 
Net income per common share:
  
Basic$2.74 $2.85 
Diluted$2.71 $2.83 

In the three months ended March 31, 2026, and 2025, an insignificant number of outstanding shares issued under share-based compensation awards were anti-dilutive and therefore excluded from the calculation of diluted EPS.
v3.26.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Purchase Commitments

As of March 31, 2026, we had purchase commitments to third-party manufacturers, primarily for materials and supplies used in the manufacture of our products, for an aggregate of $258.1 million. We expect to fulfill our commitments under these agreements in the normal course of business, and as such, no liability has been recorded.

Other

We are regularly subject to, and are currently undergoing, audits by various tax authorities in the U.S. and several foreign jurisdictions, including customs duties, import, and other taxes for prior tax years.

During our normal course of business, we may make certain indemnities, commitments, and guarantees under which we may be required to make payments in relation to certain matters. We cannot determine a range of estimated future payments and have not recorded any liability for such payments in the accompanying condensed consolidated balance sheets.

See Note 14 — Legal Proceedings for further details regarding potential loss contingencies related to government tax audits and
other current legal proceedings.
v3.26.1
OPERATING SEGMENTS
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
OPERATING SEGMENTS OPERATING SEGMENTS
We have two reportable operating segments: the Crocs Brand and the HEYDUDE Brand. Each of the reportable operating segments derives its revenues from the sale of footwear and accessories to external customers.

Additionally, ‘Enterprise corporate’ costs include global corporate costs associated with both brands, including legal, information technology, human resources, and finance.

Each segment’s performance is evaluated based on segment results without allocating Enterprise corporate expenses. Segment profits or losses include adjustments to eliminate inter-segment sales. Reconciling items between segment income from operations and income from operations consist of unallocated Enterprise corporate expenses. Our chief operating decision maker is Andrew Rees, Chief Executive Officer. Mr. Rees uses income from operations as a measure of profit or loss. Mr. Rees considers the performance of these measures against management expectations when making decisions about the allocation of operating and capital resources to each segment.

We do not report asset information by segment because that information is not used to evaluate performance or allocate resources between segments.

The following tables set forth information related to reportable operating segments:
Three Months Ended March 31,
20262025
(in thousands)
Crocs Brand:
Revenues
$767,416 $761,608 
Cost of sales
311,101 299,072 
Selling, general and administrative expenses203,157 188,892 
Income from operations
253,158 273,644 
HEYDUDE Brand:
Revenues
154,041 175,725 
Cost of sales
86,350 93,822 
Selling, general and administrative expenses51,652 58,661 
Income from operations
16,039 23,242 
Total segment income from operations
$269,197 $296,886 
Reconciliation of segment income from operations to income before income taxes:
  
Enterprise corporate costs$(68,353)$(73,912)
Foreign currency gains (losses), net(1,625)4,873 
Interest income335 333 
Interest expense(20,459)(22,766)
Other expense, net(251)(475)
Income before income taxes
$178,844 $204,939 
Depreciation and amortization: (1)
Crocs Brand
$10,324 $9,166 
HEYDUDE Brand5,978 5,559 
Enterprise corporate 3,938 3,812 
Total consolidated depreciation and amortization
$20,240 $18,537 
(1) The amounts of depreciation and amortization disclosed by reportable segment and ‘Enterprise corporate’ are included within ‘Cost of sales’ and ‘Selling, general and administrative expenses.’
v3.26.1
LEGAL PROCEEDINGS
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
LEGAL PROCEEDINGS LEGAL PROCEEDINGS
On January 22, 2025, a putative class action lawsuit titled Carretta v. Crocs, Inc., et al., Case No. 1:25-cv-00096, was filed in the District Court for the District of Delaware against the Company and certain of its current officers. On December 15, 2025, lead plaintiffs filed an amended complaint on behalf of a purported class consisting of all purchasers of the Company’s common stock between August 4, 2022, and October 28, 2024, inclusive. The amended complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 based on allegedly false and misleading statements related to the Company’s wholesaler inventory and its alleged impact on the Company’s revenue. The amended complaint seeks unspecified damages, an award of costs and expenses, and other unspecified relief.

Four purported shareholders of the Company have filed derivative actions against certain of its current directors and officers, as well as the Company as a nominal defendant, alleging claims for breach of fiduciary duties, aiding and abetting breach of fiduciary duties, unjust enrichment, insider trading, waste of corporate assets, abuse of control, and gross mismanagement related to the Company’s wholesaler inventory and its alleged impact on the Company’s revenue. They seek damages and changes to the Company’s corporate governance structure. See James O’Connor v. Smach, et. al., C.A. No. 1:25-cv-00576 (D. Colo.); The Berger Trust v. Rees, et. al., C.A. No. 1:25-cv-00597 (D. Colo.); Sarabia v. Rees, et. al., C.A. No. 2025CV30069 (Dist. Ct. Broomfield Cnty., Colo.); Lesanto v. Bickley, et. al., C.A. No. 2025CV30071 (Dist. Ct. Broomfield Cnty., Colo.).

The Company and its directors and officers intend to vigorously defend these actions in all respects. The Company is not in a position to assess the likelihood of any potential loss or adverse effect on its financial condition or to estimate the amount or range of potential loss, if any, from these actions at this time.

For legal claims and disputes, we have accrued estimated losses of $1.7 million within ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheet as of March 31, 2026. As we are able, we estimate reasonably possible losses or a range of reasonably possible losses. As of March 31, 2026, we estimated that reasonably possible losses associated with these claims and other disputes were an insignificant amount.

Although we are subject to other litigation from time to time in the ordinary course of business, including employment, intellectual property, and product liability claims, other than as set forth above, we are not party to any other pending legal proceedings that we believe would reasonably have a material adverse impact on our business, financial results, and cash flows.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Unless otherwise noted in this report, any description of the “Company,” “we,” “us,” or “our” includes Crocs, Inc. and our consolidated subsidiaries within our reportable operating segments and corporate operations. We are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for all. We strive to be the global leader in the sale of casual footwear characterized by functionality, comfort, color, and lightweight design.
Segment Reporting
Our reportable operating segments include: (i) the Crocs Brand and (ii) the HEYDUDE Brand. See Note 13 — Operating Segments for additional information.
Principles of Consolidation
The accompanying unaudited condensed consolidated interim financial statements include our accounts and those of our wholly-owned subsidiaries, and they reflect all adjustments which are necessary for a fair statement of results of operations, financial position, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Such unaudited condensed consolidated interim financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP.
These unaudited condensed consolidated interim financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 (“Annual Report”), and have been prepared on a consistent basis with the accounting policies described in Note 1 of the Notes to Consolidated Financial Statements included in our Annual Report.
Reclassifications
Reclassifications

We have reclassified certain amounts within Note 1 — Basis of Presentation and Summary of Significant Accounting Policies to conform to current period presentation.
Use of Estimates
Use of Estimates

U.S. GAAP requires us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. Management believes that the estimates, judgments, and assumptions made when accounting for items and matters such as, but not limited to, the allowance for doubtful accounts, customer rebates, sales returns and allowances, impairment assessments and charges, recoverability of long-lived assets, deferred tax assets, valuation allowances, uncertain tax positions, income tax expense, share-based compensation expense, the assessment of lower of cost or net realizable value on inventory, useful lives assigned to long-lived assets, goodwill, and indefinite-lived intangible assets are reasonable based on information available at the time they are made. To the extent there are differences between these estimates and actual results, our condensed consolidated financial statements may be materially affected.
New Accounting Pronouncement Not Yet Adopted
New Accounting Pronouncements Not Yet Adopted

Disaggregation of Income Statement Expenses

In November 2024, with subsequent clarification in January 2025, the FASB issued authoritative guidance related to the disclosure of disaggregation of income statement expenses. This guidance becomes effective for annual periods beginning after December 15, 2026, with early adoption permitted, and should be applied on a prospective basis. We do not expect this standard to have a material impact on our consolidated financial statements, but it will require increased disclosures within the notes to our consolidated financial statements.

Other new pronouncements issued but not effective until after March 31, 2026, are not expected to have a material impact on our condensed consolidated financial statements.
Derivatives Financial Instruments
We transact business in various foreign entities and are therefore exposed to foreign currency exchange rate risk that impacts the reported U.S. Dollar (“USD”) amounts of revenues, expenses, and certain foreign currency monetary assets and liabilities. In order to manage exposure to fluctuations in foreign currency and to reduce the volatility in earnings caused by fluctuations in foreign exchange rates, we may enter into forward contracts to buy and sell foreign currency. By policy, we do not enter into these contracts for trading purposes or speculation.

Counterparty default risk is considered low because the forward contracts we enter into are over-the-counter instruments transacted with highly-rated financial institutions. We were not required to and did not post collateral as of March 31, 2026, or December 31, 2025.

Our derivative instruments are recorded at fair value as a derivative asset or liability in the condensed consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at March 31, 2026, and December 31, 2025. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain components of its risk, even though hedge accounting does not apply, or we elect not to apply hedge accounting.

We report derivative instruments with the same counterparty on a net basis when a master netting arrangement is in place. For the condensed consolidated statements of cash flows, we classify cash flows from derivative instruments at settlement in the same category as the cash flows from the related hedged items within ‘Cash used in operating activities.’

As of March 31, 2026, we have derivatives not designated as hedging instruments (“non-hedged derivatives”), which consist of foreign currency forward contracts primarily used to hedge monetary assets and liabilities denominated in non-functional currencies. For our non-hedged derivatives, changes in fair value are recognized within ‘Foreign currency gains (losses), net’ in the condensed consolidated statements of income.

We also have cash flow hedges (“hedged derivatives”) as of March 31, 2026. We are exposed to fluctuations in various foreign currencies against our functional currency, the U.S. Dollar. Specifically, we have subsidiaries that transact in currencies other than their functional currency. We use cash flow hedges to minimize the variability in cash flows caused by fluctuations in foreign currency exchange rates related to our external sales and external purchases of inventory. Currency forward agreements involve fixing the exchange rates for delivery of a specified amount of foreign currency on a specified date. The currency forward agreements are typically cash settled in USD for their fair value at or close to their settlement date. We may also use currency option contracts under which we will pay a premium for the right to sell a specified amount of a foreign currency prior to the maturity date of the option.
For derivatives designated and that qualify as cash flow hedges of foreign exchange risk, the gain or loss on the derivative is recorded in ‘Accumulated other comprehensive loss’ in the condensed consolidated balance sheets. In the period during which the hedged transaction affects earnings, the related gain or loss is subsequently reclassified to ‘Revenues’ or ‘Cost of sales’ in the condensed consolidated statements of income, which is consistent with the nature of the hedged transaction.
v3.26.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Supplemental Non-Cash Investing and Financing Activities
Condensed Consolidated Statements of Cash Flows - Supplemental Disclosures

Three Months Ended March 31,
20262025
(in thousands)
Cash paid for interest$24,360 $26,838 
Cash paid for income taxes, net of refunds (1)
17,069 12,020 
Cash paid for operating leases27,860 24,579 
Non-Cash Investing and Financing Activities:
Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations$29,232 $45,361 
Accrued purchases of property, equipment, and software
6,893 8,809 
(1) In the fourth quarter of 2025, we revised our presentation for cash paid for income taxes. Previously, cash paid for income taxes was presented excluding income tax refunds received. Under the revised presentation, cash paid for income taxes is presented net of refunds. We believe the revised presentation provides more meaningful and transparent information regarding our operating cash flows. Amounts for the three months ended March 31, 2025, have been recast to conform to current period presentation.
v3.26.1
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
Amounts reported in ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets were:
March 31, 2026December 31, 2025
 (in thousands)
Accrued compensation and benefits$54,111 $88,242 
Professional services 43,108 53,331 
Fulfillment, freight, and duties44,508 39,720 
Return liabilities36,868 37,960 
Sales/use and value added taxes payable23,958 23,068 
Other
56,877 58,638 
Total accrued expenses and other liabilities$259,430 $300,959 
v3.26.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Rights-of-Use Assets and Operating Lease Liabilities
Amounts reported in the condensed consolidated balance sheets were:
March 31, 2026December 31, 2025
(in thousands)
Assets:
Right-of-use assets$345,137 $338,669 
Liabilities:
Current operating lease liabilities$88,298 $85,772 
Long-term operating lease liabilities301,325 297,192 
Total operating lease liabilities$389,623 $382,964 
Schedule of Lease Costs and Other Information
Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income were:
Three Months Ended March 31,
20262025
(in thousands)
Operating lease cost $28,053 $24,186 
Short-term lease cost2,650 2,960 
Variable lease cost5,825 5,589 
Total lease costs$36,528 $32,735 
Schedule of Maturities of Operating Lease Liabilities
The maturities of our operating lease liabilities were:
As of
March 31, 2026
(in thousands)
2026 (remainder of year)$75,021 
202797,935 
202878,406 
202962,685 
203047,313 
Thereafter104,260 
Total future minimum lease payments465,620 
Less: imputed interest(75,997)
Total operating lease liabilities$389,623 
v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Company's Notes Payable The carrying value and fair value of our borrowing instruments as of March 31, 2026, and December 31, 2025, were:
March 31, 2026December 31, 2025
Carrying ValueFair ValueCarrying ValueFair Value
(in thousands)
Term Loan B Facility$500,000 $502,188 $500,000 $504,063 
2029 Notes350,000 336,424 350,000 339,304 
2031 Notes350,000 316,306 350,000 323,971 
Revolving Facility159,000 159,000 62,000 62,000 
Schedule of Fair Value of Company's Non-financial Assets
The fair values of these assets were determined based on Level 3 measurements, including estimates of the amount and timing of future cash flows based upon historical experience, expected market conditions, and management’s plans. We recorded impairments within ‘Selling, general and administrative expenses’ in our condensed consolidated statements of income as follows:
Three Months Ended March 31,
20262025
(in thousands)
Leasehold improvement asset impairment (1)
$3,301 $— 
Total asset impairments$3,301 $— 
(1) During the three months ended March 31, 2026, we recognized impairment charges of $3.3 million for certain HEYDUDE retail stores.
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Derivative Assets and Liabilities
The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, reported within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ in the condensed consolidated balance sheets, were:
March 31, 2026December 31, 2025
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
(in thousands)
Non-hedged derivatives:
Forward foreign currency exchange contracts$985 $(784)$888 $(291)
Hedged derivatives:
Cash flow foreign currency contracts927 (262)109 (961)
Total derivatives1,912 (1,046)997 (1,252)
Netting of counterparty contracts(789)789 (268)268 
Total derivatives, net of counterparty contracts$1,123 $(257)$729 $(984)
Schedule of Derivative Financial Instruments Notional Amounts on Outstanding Positions
The notional amounts of outstanding foreign currency forward exchange contracts presented below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position.
March 31, 2026December 31, 2025
NotionalFair ValueNotionalFair Value
(in thousands)
Non-hedged derivatives:
British Pound Sterling$6,322 $105 $69,908 $(154)
South Korean Won9,330 270 18,690 257 
Euro31,426 548 12,712 18 
Brazilian Real15,205 (695)12,026 28 
Japanese Yen6,762 62 7,882 354 
Canadian Dollar7,642 (89)4,938 94 
Total non-hedged derivatives76,687 201 126,156 597 
Hedged derivatives:
Euro22,389 295 39,909 (279)
South Korean Won13,252 360 23,963 (494)
Japanese Yen6,007 187 9,342 109 
British Pound Sterling4,624 39 7,931 (82)
Australian Dollar6,729 (262)7,677 (46)
Canadian Dollar5,407 46 7,595 (60)
Total hedged derivatives58,408 665 96,417 (852)
Total derivatives$135,095 $866 $222,573 $(255)
Latest maturity date, non-hedged derivativesApril 2026January 2026
Latest maturity date, hedged derivativesDecember 2026December 2026
Schedule of Gain (Losses) from Foreign Currency Transactions and Derivative Contracts
Amounts reported in ‘Foreign currency gains (losses), net’ in the condensed consolidated statements of income include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were:
Three Months Ended March 31,
 20262025
 (in thousands)
Foreign currency transaction gains (losses)
$(1,687)$4,749 
Foreign currency forward exchange contracts gains
62 124 
Foreign currency gains (losses), net
$(1,625)$4,873 
v3.26.1
BORROWINGS (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Other Term Borrowings
Our long-term borrowings were as follows:
MaturityStated Interest RateEffective Interest RateMarch 31, 2026December 31, 2025
(in thousands)
Notes issuance of $350.0 million
20294.250 %4.64 %$350,000 $350,000 
Notes issuance of $350.0 million
20314.125 %4.35 %350,000 350,000 
Term Loan B Facility2029500,000 500,000 
Revolving Facility
2027
159,000 62,000 
Total face value of long-term borrowings1,359,000 1,262,000 
Less:
Unamortized issuance costs28,729 31,115 
Total long-term borrowings$1,330,271 $1,230,885 
v3.26.1
REVENUES (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues by Channel and Brand
Revenues by reportable operating segment, geography, and channel were:

Three Months Ended March 31,
20262025
(in thousands)
Crocs Brand:
North America:
Wholesale$138,397 $170,682 
Direct-to-consumer207,529 197,835 
Total North America (1)
345,926 368,517 
International:
Wholesale307,425 306,122 
Direct-to-consumer114,065 86,969 
Total International421,490 393,091 
Total Crocs Brand$767,416 $761,608 
Crocs Brand:
Total Wholesale
$445,822 $476,804 
Total Direct-to-consumer
321,594 284,804 
Total Crocs Brand767,416 761,608 
HEYDUDE Brand:
Wholesale83,402 110,693 
Direct-to-consumer70,639 65,032 
Total HEYDUDE Brand (2)
154,041 175,725 
Total consolidated revenues$921,457 $937,333 
(1) North America includes the United States and Canada.
(2) The vast majority of HEYDUDE Brand revenues are derived from North America.
v3.26.1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense and Effective Tax Rates
Income tax expense and effective tax rates were:
Three Months Ended March 31,
 20262025
(in thousands, except effective tax rate)
Income before income taxes$178,844 $204,939 
Income tax expense 41,288 44,836 
Effective tax rate23.1 %21.9 %
v3.26.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Share
Basic and diluted earnings per common share (“EPS”) for the three months ended March 31, 2026, and 2025, were:
Three Months Ended March 31,
20262025
(in thousands, except per share data)
Numerator:  
Net income
$137,556 $160,103 
Denominator:  
Weighted average common shares outstanding - basic
50,282 56,110 
Plus: Dilutive effect of stock options and unvested restricted stock units
425 392 
Weighted average common shares outstanding - diluted
50,707 56,502 
Net income per common share:
  
Basic$2.74 $2.85 
Diluted$2.71 $2.83 
v3.26.1
OPERATING SEGMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Information Related to Reportable Operating Segments
The following tables set forth information related to reportable operating segments:
Three Months Ended March 31,
20262025
(in thousands)
Crocs Brand:
Revenues
$767,416 $761,608 
Cost of sales
311,101 299,072 
Selling, general and administrative expenses203,157 188,892 
Income from operations
253,158 273,644 
HEYDUDE Brand:
Revenues
154,041 175,725 
Cost of sales
86,350 93,822 
Selling, general and administrative expenses51,652 58,661 
Income from operations
16,039 23,242 
Total segment income from operations
$269,197 $296,886 
Reconciliation of segment income from operations to income before income taxes:
  
Enterprise corporate costs$(68,353)$(73,912)
Foreign currency gains (losses), net(1,625)4,873 
Interest income335 333 
Interest expense(20,459)(22,766)
Other expense, net(251)(475)
Income before income taxes
$178,844 $204,939 
Depreciation and amortization: (1)
Crocs Brand
$10,324 $9,166 
HEYDUDE Brand5,978 5,559 
Enterprise corporate 3,938 3,812 
Total consolidated depreciation and amortization
$20,240 $18,537 
(1) The amounts of depreciation and amortization disclosed by reportable segment and ‘Enterprise corporate’ are included within ‘Cost of sales’ and ‘Selling, general and administrative expenses.’
v3.26.1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Cash paid for interest $ 24,360 $ 26,838
Cash paid for income taxes, net of refunds (1) 17,069 12,020
Cash paid for operating leases 27,860 24,579
Non-Cash Investing and Financing Activities:    
Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations 29,232 45,361
Accrued purchases of property, equipment, and software $ 6,893 $ 8,809
v3.26.1
ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
Accrued compensation and benefits $ 54,111 $ 88,242
Professional services 43,108 53,331
Fulfillment, freight, and duties 44,508 39,720
Return liabilities 36,868 37,960
Sales/use and value added taxes payable 23,958 23,068
Other 56,877 58,638
Total accrued expenses and other liabilities $ 259,430 $ 300,959
v3.26.1
LEASES - Schedule of Rights-of-Use Assets and Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Right-of-use assets $ 345,137 $ 338,669
Liabilities:    
Current operating lease liabilities 88,298 85,772
Long-term operating lease liabilities 301,325 297,192
Total operating lease liabilities $ 389,623 $ 382,964
v3.26.1
LEASES - Schedule of Lease Costs and Other Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease cost $ 28,053 $ 24,186
Short-term lease cost 2,650 2,960
Variable lease cost 5,825 5,589
Total lease costs $ 36,528 $ 32,735
v3.26.1
LEASES - Narrative (Details)
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Weighted average remaining lease term (in years) 5 years 4 months 24 days 6 years
Weighted average discount rate (in percent) 6.60% 6.50%
v3.26.1
LEASES - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
2026 (remainder of year) $ 75,021  
2027 97,935  
2028 78,406  
2029 62,685  
2030 47,313  
Thereafter 104,260  
Total future minimum lease payments 465,620  
Less: imputed interest (75,997)  
Total operating lease liabilities $ 389,623 $ 382,964
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities at Fair Value (Details) - Recurring - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Carrying Value | Line of Credit | Term Loan B Facility    
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Outstanding borrowings $ 500,000 $ 500,000
Carrying Value | Line of Credit | Revolving Facility    
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Outstanding borrowings 159,000 62,000
Carrying Value | 2029 Notes | Senior Notes    
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Outstanding borrowings 350,000 350,000
Carrying Value | 2031 Notes | Senior Notes    
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Outstanding borrowings 350,000 350,000
Fair Value | Line of Credit | Term Loan B Facility    
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Outstanding borrowings 502,188 504,063
Fair Value | Line of Credit | Revolving Facility    
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Outstanding borrowings 159,000 62,000
Fair Value | 2029 Notes | Senior Notes    
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Outstanding borrowings 336,424 339,304
Fair Value | 2031 Notes | Senior Notes    
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Outstanding borrowings $ 316,306 $ 323,971
v3.26.1
FAIR VALUE MEASUREMENTS - Impairments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total asset impairments $ 3,301 $ 0
Level 3 | Fair Value | Nonrecurring    
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total asset impairments 3,301 0
Level 3 | Fair Value | Nonrecurring | Leasehold improvements    
Fair Value and Carrying Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Leasehold improvement asset impairment $ 3,301 $ 0
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Foreign currency cash flow hedge gain (loss) reclassified to earnings, net $ 0 $ 600,000
Foreign currency cash flow hedge loss to be reclassified during next 12 months $ 500,000  
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Value of Derivative Assets and Liabilities (Details) - Level 2 - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Foreign Currency Derivatives    
Derivative asset, net foreign currency forward contract derivatives $ 1,123 $ 729
Derivative liability, net foreign currency forward contract derivatives (257) (984)
Not Designated as Hedging Instrument    
Foreign Currency Derivatives    
Derivative asset, gross forward foreign currency exchange contracts 985 888
Derivative liability, gross forward foreign currency exchange contracts (784) (291)
Designated as Hedging Instrument    
Foreign Currency Derivatives    
Derivative asset, gross forward foreign currency exchange contracts 1,912 997
Derivative asset, netting of counterparty contracts (789) (268)
Derivative liability, gross forward foreign currency exchange contracts (1,046) (1,252)
Derivative liability, netting of counterparty contracts 789 268
Designated as Hedging Instrument | Cash flow foreign currency contracts    
Foreign Currency Derivatives    
Derivative asset, gross forward foreign currency exchange contracts 927 109
Derivative liability, gross forward foreign currency exchange contracts $ (262) $ (961)
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Financial Instruments Notional Amounts on Outstanding Positions (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Derivatives - Fair Value [Line Items]    
Notional $ 135,095 $ 222,573
Fair Value 866 (255)
Not Designated as Hedging Instrument    
Derivatives - Fair Value [Line Items]    
Notional 76,687 126,156
Fair Value 201 597
Not Designated as Hedging Instrument | British Pound Sterling    
Derivatives - Fair Value [Line Items]    
Notional 6,322 69,908
Fair Value 105 (154)
Not Designated as Hedging Instrument | South Korean Won    
Derivatives - Fair Value [Line Items]    
Notional 9,330 18,690
Fair Value 270 257
Not Designated as Hedging Instrument | Euro    
Derivatives - Fair Value [Line Items]    
Notional 31,426 12,712
Fair Value 548 18
Not Designated as Hedging Instrument | Brazilian Real    
Derivatives - Fair Value [Line Items]    
Notional 15,205 12,026
Fair Value (695) 28
Not Designated as Hedging Instrument | Japanese Yen    
Derivatives - Fair Value [Line Items]    
Notional 6,762 7,882
Fair Value 62 354
Not Designated as Hedging Instrument | Canadian Dollar    
Derivatives - Fair Value [Line Items]    
Notional 7,642 4,938
Fair Value (89) 94
Designated as Hedging Instrument    
Derivatives - Fair Value [Line Items]    
Notional 58,408 96,417
Fair Value 665 (852)
Designated as Hedging Instrument | British Pound Sterling    
Derivatives - Fair Value [Line Items]    
Notional 4,624 7,931
Fair Value 39 (82)
Designated as Hedging Instrument | South Korean Won    
Derivatives - Fair Value [Line Items]    
Notional 13,252 23,963
Fair Value 360 (494)
Designated as Hedging Instrument | Euro    
Derivatives - Fair Value [Line Items]    
Notional 22,389 39,909
Fair Value 295 (279)
Designated as Hedging Instrument | Japanese Yen    
Derivatives - Fair Value [Line Items]    
Notional 6,007 9,342
Fair Value 187 109
Designated as Hedging Instrument | Canadian Dollar    
Derivatives - Fair Value [Line Items]    
Notional 5,407 7,595
Fair Value 46 (60)
Designated as Hedging Instrument | Australian Dollar    
Derivatives - Fair Value [Line Items]    
Notional 6,729 7,677
Fair Value $ (262) $ (46)
v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Gain (Losses) from Foreign Currency Transactions and Derivative Contracts (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivatives - Fair Value [Line Items]    
Foreign currency gains (losses), net $ (1,625) $ 4,873
Not Designated as Hedging Instrument    
Derivatives - Fair Value [Line Items]    
Foreign currency transaction gains (losses) (1,687) 4,749
Foreign currency forward exchange contracts gains 62 124
Foreign currency gains (losses), net $ (1,625) $ 4,873
v3.26.1
BORROWINGS - Schedule of Other Term Borrowings (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Jan. 31, 2024
Aug. 31, 2021
Mar. 31, 2021
Debt Instrument [Line Items]          
Total face value of long-term borrowings $ 1,359,000,000 $ 1,262,000,000      
Unamortized issuance costs 28,729,000 31,115,000      
Total long-term borrowings 1,330,271,000 1,230,885,000      
Senior Notes | 2029 Notes          
Debt Instrument [Line Items]          
Aggregate principal amount $ 350,000,000.0       $ 350,000,000.0
Stated Interest Rate 4.25%       4.25%
Effective Interest Rate 4.64%        
Total face value of long-term borrowings $ 350,000,000 350,000,000      
Senior Notes | 2031 Notes          
Debt Instrument [Line Items]          
Aggregate principal amount $ 350,000,000.0     $ 350,000,000.0  
Stated Interest Rate 4.125%     4.125%  
Effective Interest Rate 4.35%        
Total face value of long-term borrowings $ 350,000,000 350,000,000      
Line of Credit | Term Loan B Facility          
Debt Instrument [Line Items]          
Total face value of long-term borrowings 500,000,000 500,000,000 $ 820,000,000.0    
Line of Credit | Revolving Facility          
Debt Instrument [Line Items]          
Total face value of long-term borrowings $ 159,000,000 $ 62,000,000      
v3.26.1
BORROWINGS - Credit Facilities (Details)
 1 Months Ended 3 Months Ended
Feb. 17, 2022
USD ($)
Jul. 31, 2019
USD ($)
Mar. 31, 2026
USD ($)
facility
Dec. 31, 2025
USD ($)
Feb. 29, 2024
USD ($)
Jan. 31, 2024
USD ($)
Revolving Credit Facilities and Bank Borrowings            
Interest payable     $ 3,600,000 $ 10,200,000    
Total face value of long-term borrowings     $ 1,359,000,000 1,262,000,000    
Number of credit facility | facility     1      
Revolving Facility | Line of Credit            
Revolving Credit Facilities and Bank Borrowings            
Total face value of long-term borrowings     $ 159,000,000 62,000,000    
Outstanding letters of credit     600,000      
Revolving Facility | Senior Revolving Credit Facility            
Revolving Credit Facilities and Bank Borrowings            
Borrowing capacity under revolving credit facility   $ 1,000,000,000.0        
Additional borrowing under credit agreement   $ 400,000,000.0        
Minimum interest coverage ratio   3.00        
Minimum borrowing availability for certain acquisitions   $ 40,000,000.0        
Line of credit facility, current borrowing capacity     1,000,000,000.0      
Line of credit facility, remaining borrowing capacity     840,400,000 937,400,000    
Revolving Facility | Senior Revolving Credit Facility | From Quarter Ended September 30, 2024            
Revolving Credit Facilities and Bank Borrowings            
Maximum leverage coverage ratio   3.25        
Revolving Facility | Senior Revolving Credit Facility | Federal Funds Open Rate            
Revolving Credit Facilities and Bank Borrowings            
Margin on variable rate (in percent)   0.25%        
Revolving Facility | Senior Revolving Credit Facility | Base Rate | Minimum            
Revolving Credit Facilities and Bank Borrowings            
Margin on variable rate (in percent)   0.25%        
Revolving Facility | Senior Revolving Credit Facility | Base Rate | Maximum            
Revolving Credit Facilities and Bank Borrowings            
Margin on variable rate (in percent)   0.875%        
Revolving Facility | Senior Revolving Credit Facility | SOFR            
Revolving Credit Facilities and Bank Borrowings            
Margin on variable rate (in percent)   0.10%        
Revolving Facility | Senior Revolving Credit Facility | SOFR | Minimum | Debt Instrument, Redemption, Period One            
Revolving Credit Facilities and Bank Borrowings            
Margin on variable rate (in percent)   1.35%        
Revolving Facility | Senior Revolving Credit Facility | SOFR | Maximum | Debt Instrument, Redemption, Period One            
Revolving Credit Facilities and Bank Borrowings            
Margin on variable rate (in percent)   1.975%        
Revolving Facility | Senior Revolving Credit Facility | Simple Secured Overnight Financing Rate (SOFR) | Minimum            
Revolving Credit Facilities and Bank Borrowings            
Margin on variable rate (in percent)   1.35%        
Revolving Facility | Senior Revolving Credit Facility | Simple Secured Overnight Financing Rate (SOFR) | Maximum            
Revolving Credit Facilities and Bank Borrowings            
Margin on variable rate (in percent)   1.975%        
Revolving Facility | Senior Revolving Credit Facility | Simple SOFR            
Revolving Credit Facilities and Bank Borrowings            
Margin on variable rate (in percent)   1.00%        
Revolving Facility | Asia Pacific Citibank Revolving Credit Facility            
Revolving Credit Facilities and Bank Borrowings            
Line of credit facility, current borrowing capacity     15,000,000.0      
Outstanding borrowings     5,600,000 0    
Term Loan B Facility | Line of Credit            
Revolving Credit Facilities and Bank Borrowings            
Borrowing capacity under revolving credit facility $ 2,000,000,000.0          
Total face value of long-term borrowings     500,000,000 $ 500,000,000   $ 820,000,000.0
Line of credit facility, remaining borrowing capacity     $ 0      
Term Loan B Facility | Base Rate | Line of Credit            
Revolving Credit Facilities and Bank Borrowings            
Margin on variable rate (in percent) 1.25%          
Term Loan B Facility | SOFR | Line of Credit            
Revolving Credit Facilities and Bank Borrowings            
Margin on variable rate (in percent) 2.25%          
Term Loan B Credit Agreement | Line of Credit            
Revolving Credit Facilities and Bank Borrowings            
Borrowing capacity under revolving credit facility         $ 820,000,000.0  
v3.26.1
BORROWINGS - Senior Notes Issuance (Details) - Senior Notes - USD ($)
 1 Months Ended
Aug. 31, 2021
Mar. 31, 2021
Mar. 31, 2026
2029 Notes      
Debt Instrument [Line Items]      
Aggregate principal amount   $ 350,000,000.0 $ 350,000,000.0
Interest rate, stated percentage (in percent)   4.25% 4.25%
2029 Notes | Debt Instrument, Redemption, Period One      
Debt Instrument [Line Items]      
Redemption price, percentage (in percent)   100.00%  
2029 Notes | Debt Instrument, Redemption, Period Two      
Debt Instrument [Line Items]      
Redemption price, percentage (in percent)   100.00%  
2029 Notes | Debt Instrument, Redemption, Period Three      
Debt Instrument [Line Items]      
Redemption price, percentage (in percent)   104.25%  
Percentage of principal amount redeemable (in percent)   40.00%  
2031 Notes      
Debt Instrument [Line Items]      
Aggregate principal amount $ 350,000,000.0   $ 350,000,000.0
Interest rate, stated percentage (in percent) 4.125%   4.125%
Guarantor $ 25,000,000.0    
2031 Notes | Debt Instrument, Redemption, Period One      
Debt Instrument [Line Items]      
Redemption price, percentage (in percent) 100.00%    
2031 Notes | Debt Instrument, Redemption, Period Two      
Debt Instrument [Line Items]      
Redemption price, percentage (in percent) 100.00%    
2031 Notes | Debt Instrument, Redemption, Period Three      
Debt Instrument [Line Items]      
Redemption price, percentage (in percent) 104.125%    
Percentage of principal amount redeemable (in percent) 40.00%    
v3.26.1
COMMON STOCK REPURCHASE PROGRAM (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Class of Stock [Line Items]      
Stock repurchased during period   $ 61,282  
Sales and excise tax payable $ 5,300   $ 5,500
Common Stock      
Class of Stock [Line Items]      
Stock repurchased during period (in shares) 0 607,000  
Stock repurchased during period   $ 60,900  
Remaining authorization to repurchase common stock $ 746,800    
v3.26.1
REVENUES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenues $ 921,457 $ 937,333
Crocs Brand    
Disaggregation of Revenue [Line Items]    
Revenues 767,416 761,608
Crocs Brand | Wholesale    
Disaggregation of Revenue [Line Items]    
Revenues 445,822 476,804
Crocs Brand | Direct-to-consumer    
Disaggregation of Revenue [Line Items]    
Revenues 321,594 284,804
Crocs Brand | North America    
Disaggregation of Revenue [Line Items]    
Revenues 345,926 368,517
Crocs Brand | North America | Wholesale    
Disaggregation of Revenue [Line Items]    
Revenues 138,397 170,682
Crocs Brand | North America | Direct-to-consumer    
Disaggregation of Revenue [Line Items]    
Revenues 207,529 197,835
Crocs Brand | International    
Disaggregation of Revenue [Line Items]    
Revenues 421,490 393,091
Crocs Brand | International | Wholesale    
Disaggregation of Revenue [Line Items]    
Revenues 307,425 306,122
Crocs Brand | International | Direct-to-consumer    
Disaggregation of Revenue [Line Items]    
Revenues 114,065 86,969
HEYDUDE Brand    
Disaggregation of Revenue [Line Items]    
Revenues 154,041 175,725
HEYDUDE Brand | Wholesale    
Disaggregation of Revenue [Line Items]    
Revenues 83,402 110,693
HEYDUDE Brand | Direct-to-consumer    
Disaggregation of Revenue [Line Items]    
Revenues $ 70,639 $ 65,032
v3.26.1
INCOME TAXES -Schedule of Income Tax Expense and Effective Tax Rates (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income before income taxes $ 178,844 $ 204,939
Income tax expense $ 41,288 $ 44,836
Effective tax rate 23.10% 21.90%
v3.26.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Decrease in income tax expense $ 3.5  
Effective tax rate 23.10% 21.90%
Increase (decrease) in effective income tax rate 1.20%  
v3.26.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net income $ 137,556 $ 160,103
Denominator:    
Weighted average common shares outstanding - basic (in shares) 50,282 56,110
Plus: Dilutive effect of stock options and unvested restricted stock units (in shares) 425 392
Weighted average common shares outstanding - diluted (in shares) 50,707 56,502
Net income per common share:    
Basic (in dollars per share) $ 2.74 $ 2.85
Diluted (in dollars per share) $ 2.71 $ 2.83
v3.26.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase commitments with third party manufacturers $ 258.1
v3.26.1
OPERATING SEGMENTS - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
Number of operating segments 2
v3.26.1
OPERATING SEGMENTS - Schedule of Information Related to Reportable Operating Business Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Revenues $ 921,457 $ 937,333
Cost of sales 398,512 395,784
Selling, general and administrative expenses 322,101 318,575
Income from operations 200,844 222,974
Foreign currency gains (losses), net (1,625) 4,873
Interest income 335 333
Interest expense (20,459) (22,766)
Other expense, net (251) (475)
Income before income taxes 178,844 204,939
Depreciation and amortization 20,240 18,537
Crocs Brand    
Segment Reporting Information [Line Items]    
Revenues 767,416 761,608
HEYDUDE Brand    
Segment Reporting Information [Line Items]    
Revenues 154,041 175,725
Reportable Operating Segments    
Segment Reporting Information [Line Items]    
Income from operations 269,197 296,886
Reportable Operating Segments | Crocs Brand    
Segment Reporting Information [Line Items]    
Revenues 767,416 761,608
Cost of sales 311,101 299,072
Selling, general and administrative expenses 203,157 188,892
Income from operations 253,158 273,644
Depreciation and amortization 10,324 9,166
Reportable Operating Segments | HEYDUDE Brand    
Segment Reporting Information [Line Items]    
Revenues 154,041 175,725
Cost of sales 86,350 93,822
Selling, general and administrative expenses 51,652 58,661
Income from operations 16,039 23,242
Depreciation and amortization 5,978 5,559
Enterprise corporate    
Segment Reporting Information [Line Items]    
Income from operations (68,353) (73,912)
Depreciation and amortization $ 3,938 $ 3,812
v3.26.1
LEGAL PROCEEDINGS (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Estimate of possible loss $ 1.7