CROCS, INC., 10-K filed on 2/12/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 05, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 0-51754    
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 Boulevard    
Entity Address, Address Line Two 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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 4.8
Entity Common Stock, Shares Outstanding   50,233,596  
Documents Incorporated by Reference
Part III incorporates certain information by reference from the registrant’s proxy statement for the 2026 annual meeting of stockholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2025.
    
Amendment Flag false    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
Entity Central Index Key 0001334036    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Denver, Colorado
Auditor Firm ID 34
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenues $ 4,040,647 $ 4,102,108 $ 3,962,347
Cost of sales 1,683,592 1,691,850 1,752,337
Gross profit 2,357,055 2,410,258 2,210,010
Selling, general and administrative expense [1] 1,469,425 1,364,265 1,163,940
Goodwill impairment 307,000 0 0
Asset impairments [1] 431,115 24,082 9,287
Income from operations 149,515 1,021,911 1,036,783
Foreign currency gains (losses), net 9,843 (6,777) (1,240)
Interest income 1,844 3,484 2,406
Interest expense (88,287) (109,264) (161,351)
Other income (expense), net 63 1,231 (326)
Income before income taxes 72,978 910,585 876,272
Income tax expense (benefit) 154,176 (39,486) 83,706
Net income (loss) $ (81,198) $ 950,071 $ 792,566
Net income (loss) per common share:      
Basic (in dollars per share) $ (1.50) $ 16.00 $ 12.91
Diluted (in dollars per share) $ (1.50) $ 15.88 $ 12.79
Weighted average common shares outstanding:      
Basic (in shares) 54,208 59,381 61,386
Diluted (in shares) 54,208 59,832 61,952
[1] Amounts for the years ended December 31, 2024, and 2023, have been reclassified to conform to current period presentation.
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ (81,198) $ 950,071 $ 792,566
Derivatives designated as hedging instruments:      
Unrealized gains (losses) on derivative instruments (777) 936 (281)
Reclassification adjustment for realized (gains) losses on derivative instruments (169) (564) 563
Net increase (decrease) from derivatives designated as hedging instruments (946) 372 282
Foreign currency gains (losses), net 89,936 (37,249) 7,441
Total comprehensive income, net of tax $ 7,792 $ 913,194 $ 800,289
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 130,354 $ 180,485
Accounts receivable, net of allowances of $28,136 and $31,579, respectively 278,191 257,657
Inventories 368,687 356,254
Income taxes receivable 32,782 4,046
Other receivables 22,082 22,204
Prepaid expenses and other assets 53,787 51,623
Total current assets 885,883 872,269
Property and equipment, net 238,191 244,335
Intangible assets, net 1,324,680 1,777,080
Goodwill 404,689 711,491
Deferred tax assets, net 935,054 872,350
Restricted cash 3,557 3,193
Right-of-use assets 338,669 307,228
Other assets 44,027 24,207
Total assets 4,174,750 4,812,153
Current liabilities:    
Accounts payable 266,090 264,901
Accrued expenses and other liabilities 300,959 298,068
Income taxes payable 47,308 108,688
Current operating lease liabilities 85,772 68,551
Total current liabilities 700,129 740,208
Deferred tax liabilities, net 882 4,086
Long-term income taxes payable 649,057 595,434
Long-term borrowings 1,230,885 1,349,339
Long-term operating lease liabilities 297,192 283,406
Other liabilities 3,322 3,948
Total liabilities 2,881,467 2,976,421
Commitments and contingencies
Stockholders’ equity:    
Common stock, par value $0.001 per share, 110.7 million and 110.4 million issued, 50.2 million and 56.5 million shares outstanding, respectively 111 110
Treasury stock, at cost, 60.5 million and 53.9 million shares, respectively (3,040,416) (2,453,473)
Additional paid-in capital 896,605 859,904
Retained earnings 3,480,638 3,561,836
Accumulated other comprehensive loss (43,655) (132,645)
Total stockholders’ equity 1,293,283 1,835,732
Total liabilities and stockholders’ equity $ 4,174,750 $ 4,812,153
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands, shares in Millions
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowances $ 28,136 $ 31,579
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock issued (in shares) 110.7 110.4
Common shares outstanding (in shares) 50.2 56.5
Treasury stock (in shares) 60.5 53.9
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Treasury Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive (Loss)
Beginning balance (in shares) at Dec. 31, 2022   61,749        
Beginning balance at Dec. 31, 2022 $ 817,931 $ 110 $ (1,695,501) $ 797,614 $ 1,819,199 $ (103,491)
Beginning balance (in shares) at Dec. 31, 2022     47,730      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation 29,072     29,072    
Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes (in shares)   427 147      
Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes (17,087)   $ (17,086) (1)    
Repurchases of common stock, including excise tax (in shares)   (1,681) (1,681)      
Repurchases of common stock, including excise tax (176,282)   $ (176,282)      
Net income 792,566       792,566  
Other comprehensive income (loss) 7,723         7,723
Ending balance (in shares) at Dec. 31, 2023   60,495        
Ending balance at Dec. 31, 2023 1,453,923 $ 110 $ (1,888,869) 826,685 2,611,765 (95,768)
Ending balance (in shares) at Dec. 31, 2023     49,558      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation 33,053     33,053    
Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes (in shares)   289 63      
Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes (8,073)   $ (8,239) 166    
Repurchases of common stock, including excise tax (in shares)   (4,309) (4,309)      
Repurchases of common stock, including excise tax (556,365) $ (551,200) $ (556,365)      
Net income 950,071       950,071  
Other comprehensive income (loss) $ (36,877)         (36,877)
Ending balance (in shares) at Dec. 31, 2024 56,500 56,475        
Ending balance at Dec. 31, 2024 $ 1,835,732 $ 110 $ (2,453,473) 859,904 3,561,836 (132,645)
Ending balance (in shares) at Dec. 31, 2024 53,900   53,930      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation $ 36,701     36,701    
Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes (in shares)   253 43      
Exercises of stock options and issuance of restricted stock units, net of shares withheld for taxes (4,244) $ 1 $ (4,245)      
Repurchases of common stock, including excise tax (in shares)   (6,508) (6,508)      
Repurchases of common stock, including excise tax (582,698) $ (577,200) $ (582,698)      
Net income (81,198)       (81,198)  
Other comprehensive income (loss) $ 88,990         88,990
Ending balance (in shares) at Dec. 31, 2025 50,200 50,220        
Ending balance at Dec. 31, 2025 $ 1,293,283 $ 111 $ (3,040,416) $ 896,605 $ 3,480,638 $ (43,655)
Ending balance (in shares) at Dec. 31, 2025 60,500   60,481      
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ (81,198) $ 950,071 $ 792,566
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 79,282 69,840 54,304
Operating lease cost 104,313 85,130 79,543
Inventory donations 871 812 2,078
Provision for (recovery of) doubtful accounts, net (190) 1,352 3,568
Share-based compensation 36,701 33,053 29,072
Asset impairments 738,115 24,081 9,287
Deferred taxes 47,093 (254,454) (410,319)
Other non-cash items [1] 5,931 14,171 3,820
Changes in operating assets and liabilities:      
Accounts receivable, net of allowances (6,169) 42,587 (13,317)
Inventories (13,842) 22,055 86,350
Prepaid expenses and other assets (22,317) (13,892) (31,839)
Accounts payable 709 3,951 37,197
Accrued expenses and other liabilities 524 9,971 46,695
Right-of-use assets and operating lease liabilities (105,293) (88,772) (75,107)
Income taxes (74,099) 92,530 316,546
Cash provided by operating activities 710,431 992,486 930,444
Cash flows from investing activities:      
Purchases of property, equipment, and software (51,231) (69,347) (115,625)
Other 0 0 (46)
Cash used in investing activities (51,231) (69,347) (115,671)
Cash flows from financing activities:      
Proceeds from bank borrowings 819,000 102,156 257,905
Repayments of bank borrowings (947,000) (425,405) (923,703)
Repurchases of common stock, including excise taxes paid (582,320) (552,451) (175,019)
Repurchases of common stock for tax withholding (4,245) (8,239) (17,086)
Other [1] 0 (2,109) (1,736)
Cash used in financing activities (714,565) (886,048) (859,639)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 5,598 (6,510) 3,078
Net change in cash, cash equivalents, and restricted cash (49,767) 30,581 (41,788)
Cash, cash equivalents, and restricted cash — beginning of year 183,678 153,097 194,885
Cash, cash equivalents, and restricted cash — end of year 133,911 183,678 153,097
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Cash paid for interest 77,684 99,463 151,621
Cash paid for operating leases 104,275 90,943 74,729
Right-of-use assets obtained in exchange for operating lease liabilities, net of terminations 107,717 92,101 120,865
Accrued purchases of property, equipment, and software $ 6,004 $ 9,517 $ 7,668
[1] Amounts for the years ended December 31, 2024, and December 31, 2023, have been reclassified to conform to current period presentation.
v3.25.4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
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 its 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.

We have two reportable operating segments: the Crocs Brand and the HEYDUDE Brand. See Note 16 — Operating Segments and Geographic Information for additional information.

Basis of Presentation and Consolidation

Our consolidated 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”). All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Our consolidated financial statements are prepared in accordance with U.S. GAAP. These accounting principles require 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, goodwill, indefinite-lived intangible assets, and useful lives assigned to long-lived assets.

Additionally, we are periodically exposed to various contingencies in the ordinary course of conducting our business, including certain litigation, contractual disputes, employee relations matters, various tax or other governmental audits, and trademark and intellectual property matters and disputes. We record a liability for such contingencies to the extent that we conclude their occurrence is probable and the related losses are estimable. If it is reasonably possible that an unfavorable settlement of a contingency could exceed the established liability, we disclose the estimated impact on our liquidity, financial condition, and results of operations, if practicable. As the ultimate resolution of contingencies is inherently unpredictable, these assessments can involve a series of complex judgments about future events including, but not limited to, court rulings, negotiations between affected parties, and governmental actions. As a result, the accounting for loss contingencies relies heavily on management’s judgment in developing the related estimates and assumptions. See Note 15 — Commitments and Contingencies and Note 17 — Legal Proceedings for additional information regarding our contingencies and legal proceedings.

To the extent there are differences between these estimates and actual results, our consolidated financial statements may be materially affected.

Reclassifications

We have reclassified certain amounts on the consolidated statements of operations, consolidated statements of cash flows, Note 8 — Derivative Financial Instruments, and in Note 13 — Income Taxes to conform to current period presentation.

Cash and Cash Equivalents

Cash and cash equivalents represent cash and short-term, highly-liquid investments with maturities of three months or less at the date of purchase. We report receivables from credit card companies in cash and cash equivalents.

Accounts Receivable, Net

Accounts receivable are recorded at invoiced amounts, net of reserves and allowances. We reduce the carrying value for estimated uncollectible accounts based on a variety of factors including the length of time receivables are past due, economic
trends and conditions affecting our customer base, and historical collection experience. Specific provisions are recorded for individual receivables when we become aware of a customer’s inability to meet its financial obligations. We write off accounts receivable to the reserves when they are deemed uncollectible or, in certain jurisdictions, when legally able to do so.

The following table summarizes the changes in allowance doubtful accounts for the periods presented:
202520242023
(in thousands)
Beginning balance - January 1
$12,649 $13,627 $10,513 
Provision for (recovery of) doubtful accounts, net
(190)1,352 3,568 
Deductions (1)
(1,282)(2,330)(454)
Ending balance - December 31
$11,177 $12,649 $13,627 
(1) Deductions for allowance for doubtful accounts primarily include accounts written off.

Inventories

Inventories are comprised of finished goods, are stated at the lower of cost or net realizable value, and are recognized using the first-in-first-out method of inventory costing. We estimate the market value of inventory based on an analysis of historical sales trends of our individual product lines, the impact of market trends and economic conditions, and a forecast of future demand, giving consideration to the value of current orders in-house for future sales of inventory, as well as plans to sell discontinued or end-of-life inventory through our outlet stores, among other off-price channels. Estimates may differ from actual results due to the quantity, quality, and mix of products in inventory, consumer and retailer preferences, and market conditions. If the estimated net realizable value is less than its carrying value, the carrying value is adjusted to the net realizable value, and the difference is recorded in ‘Cost of sales’ in our consolidated statements of operations.

Reserves for the risk of physical loss of inventory at retail stores are estimated based on historical experience and are adjusted based upon physical inventory counts, and they are recorded within ‘Cost of sales’ in our consolidated statements of operations.

Property and Equipment, Net

Property, equipment, furniture, and fixtures are stated at original cost, less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful asset lives. The useful lives are reviewed periodically and typically range from 2 to 10 years for machinery and equipment and furniture, fixtures and others. Leasehold improvements are stated at cost and amortized on a straight-line basis over their estimated economic useful lives or the lease term, whichever is shorter. Costs of enhancements or modifications that substantially extend the capacity or useful life of an asset are capitalized and depreciated accordingly. Ordinary repairs and maintenance are expensed as incurred. Depreciation of warehouse- and distribution-related assets is included in ‘Cost of sales’ in our consolidated statements of operations. Depreciation related to retail store, corporate, and non-product assets is included in ‘Selling, general and administrative expenses’ in our consolidated statements of operations. When property is retired or otherwise disposed of, the cost and accumulated depreciation are removed from our consolidated balance sheets, and the resulting gain or loss, if any, is reflected in ‘Income from operations’ in the consolidated statements of operations.

Goodwill and Other Intangible Assets, Net

We evaluate the carrying value of our goodwill and indefinite-lived intangible assets for impairment at the reporting unit level at least annually or when an interim triggering event has occurred indicating potential impairment. Any impairment recorded is reflected as a non-cash adjustment to net income (loss) within cash flows from operating activities in the consolidated statements of cash flows.

When performing our annual test for impairment, we may assess goodwill and indefinite-lived intangible assets for potential impairment using either a qualitative or quantitative assessment. Significant judgments and assumptions are required in such impairment evaluations. For the quantitative assessments, we compare the estimated fair values of the trademark and reporting unit with their respective carrying values. If the carrying value of the trademark or reporting unit exceeds its estimated fair value, an impairment charge is recorded.
We continuously monitor the performance of our definite-lived intangible assets, which includes software, customer relationships, patents, copyrights, and certain trademarks, and evaluate for impairment when evidence exists that certain events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. Significant judgments and assumptions are required in such impairment evaluations. Definite-lived intangible assets are stated at cost, less accumulated amortization. Amortization is recorded using the straight-line method over the estimated lives of the assets.

We amortize our customer relationships on a straight-line basis over a useful life of 15 years. Amortization for patents, copyrights, and trademarks is provided using the straight-line method over the estimated useful asset lives, which are reviewed periodically and typically range from 7 to 25 years.

Internal-Use Software and Cloud Computing Arrangements

We capitalize direct costs of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of 2 to 8 years and are reported as a component of ‘Intangible assets, net’ in the consolidated balance sheets.

We also capitalize certain costs incurred during the application development stage of implementation of internal-use software in cloud computing arrangements. Amounts capitalized are amortized on a straight-line basis over the expected length of the related contract and are reported as a component of ‘Other assets’ in the consolidated balance sheets.

Amortization of capitalized software used in warehouse- and distribution-related activities is included in ‘Cost of sales’ in the consolidated statements of operations. Amortization related to corporate and non-product, assets, such as our global information systems, is included in ‘Selling, general, and administrative expenses’ in the consolidated statements of operations.

Restricted Cash

Restricted cash primarily consists of funds to secure certain retail store leases, certain customs requirements, and other contractual arrangements.

Leases

Our lease portfolio consists primarily of real estate assets, which includes retail, warehouse, distribution center, and office spaces, under operating leases expiring at various dates through 2037. Leases with an original term of twelve months or less are not reported in the consolidated balance sheets; expense for these short-term leases is recognized on a straight-line basis over the lease term.

Many leases include one or more options to renew, with renewal terms that, if exercised by us, may extend the lease term. The exercise of these renewal options is at our discretion. When assessing the likelihood of a renewal or termination, we consider the significance of leasehold improvements, availability of alternative locations, and the cost of relocation or replacement, among other factors. The depreciable lives of leasehold improvements are the shorter of the useful lives of the improvements or the expected lease term. We determine the lease term for each lease based on the terms of each contract and factor in renewal and early termination options if such options are reasonably certain to be exercised. We do not generally believe such options are reasonably certain, and therefore, we have excluded them from the recorded right-of-use assets and operating lease liabilities.

Due to our centralized treasury function, we utilize a portfolio approach to discount our lease obligations. We assess the expected lease term at lease inception and discount the lease using a fully-secured annual incremental borrowing rate, adjusted for time value corresponding with the expected lease term.

Certain of our retail store leases include rental payments based upon a percentage of retail sales in excess of a minimum fixed rental. In some cases, there is no fixed minimum rental, and the entire rental payment is based upon a percentage of sales. In addition, certain leases include rental payments adjusted periodically for changes in price level indices. We recognize expense for these types of payments as incurred and report them as variable lease expense. See Note 6 — Leases for additional information.

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 December 31, 2025, or 2024.

Our derivative instruments are recorded at fair value as a derivative asset or liability in the consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at December 31, 2025, and 2024. 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 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 provided by operating activities.’

As of December 31, 2025, 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 consolidated statements of operations.

We also have cash flow hedges (“hedged derivatives”) as of December 31, 2025. We are exposed to fluctuations in various foreign currencies against our functional currency, the USD. 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 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 consolidated statement of operations, which is consistent with the nature of the hedged transaction.

See Note 8 — Derivative Financial Instruments for further information on derivative financial instruments.

Other Comprehensive Income (Loss)

Our foreign subsidiaries generally use their foreign currency as their functional currency. Functional currency assets and liabilities are translated into USD using exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates during the period. Resulting translation gains and losses are reported in other comprehensive income (loss), until the substantial liquidation of a subsidiary, at which time accumulated translation gains or losses are reclassified into net income.

Revenues

Revenues are recognized in the amount expected to be received in exchange for when control of the products transfers to customers and excludes various forms of promotions, which range from contractually-fixed percentage price reductions to sales returns, discounts, rebates, and other incentives that may vary in amount, must be estimated, and are reported as a reduction in revenues. Variable amounts are estimated based on an analysis of historical experience and adjusted as better estimates become
available. During the years ended December 31, 2025, 2024, and 2023, we recognized no changes to estimates for wholesale or direct-to-consumer revenues.

We have also elected to expense incremental costs to obtain customer contracts, consisting primarily of commission incentives, when incurred because the related amortization period is less than one year. These costs are reported within ‘Selling, general and administrative expenses’ in our consolidated statements of operations.

The following is a description of our principal revenue-generating activities by distribution channel. We have two reportable operating segments and sell our products using two primary distribution channels. For more detailed information about reportable operating segments, see Note 16 — Operating Segments and Geographic Information.

Wholesale Channel

For the majority of wholesale customers, control transfers and revenues are recognized when the product is shipped or delivered from a manufacturing facility or distribution center to the wholesale customer. In certain cases, control of the product transfers and revenues are recognized when the customer receives the product at the designated delivery point. For certain customers, primarily in international markets, cash payment is required in advance of delivery and revenues continue to be recognized upon the transfer of control to the customer. We may accept returns from our wholesale customers, on an exception basis, to ensure that our products are merchandised in the proper assortments and may provide markdown allowances at our sole discretion to key wholesalers and distributors to facilitate sales of slower moving products. Wholesale revenues are reduced by estimates of returns and allowances based on historical experience, and adjustments to our estimates are made when the expected value changes.

We have arrangements that grant certain wholesale customers exclusive licenses, concurrent with the terms of the related distribution agreements, to use our intellectual property in exchange for a sales-based royalty. Sales-based royalty revenues are recognized over the terms of the related license agreements as sales are made by the wholesalers.

Direct-to-Consumer Channel

Direct-to-consumer revenues consist of sales generated through our company-operated retail stores and company-operated e-commerce websites and third-party e-commerce marketplaces. We transfer control of products and recognize revenues at company-operated retail stores at the point of sale, in exchange for cash or other payment. For sales made through company-operated e-commerce websites and third-party e-commerce marketplaces, we transfer control and recognize revenues when the product is shipped from the distribution centers, the point at which payment, primarily through debit and credit card and other e-payment methods, is made. A portion of the transaction price charged to our customers is variable, primarily due to returns. When recognizing revenues, the amount of revenues associated with expected sales returns is estimated based on historical experience, and adjustments to our estimates are made when the most likely amount of consideration we expect to receive changes.

For additional information about revenues, see Note 11 — Revenues.

Shipping and Handling Costs and Fees

Shipping and handling costs are expensed as incurred and are included in ‘Cost of sales’ in the consolidated statements of operations. Shipping and handling fees billed to customers are included in revenues.

Taxes Assessed by Governmental Authorities

Taxes assessed by governmental authorities that are directly imposed on a revenue transaction, including value added tax, are recorded on a net basis and are therefore excluded from revenues.

Cost of Sales

Our cost of sales includes costs incurred to design, produce, procure, and ship our footwear. These costs include our raw materials, both direct and indirect labor, shipping and handling including freight costs, utilities, maintenance costs, licensing fees, depreciation, amortization, packaging, and other warehouse and distribution overhead and costs.
Selling, General and Administrative Expenses

Selling, general and administrative expenses consist primarily of labor and outside services, rent expense, bad debt expense, legal costs, amortization of intangible assets, as well as certain depreciation costs related to corporate and non-product assets and share-based compensation. Selling, general and administrative expenses also include costs for our marketing and sales organizations, and other functions including finance, legal, human resources, and information technology.

Our selling, general and administrative expenses include media advertising (television, radio, print, social, digital), tactical advertising (signs, banners, point-of-sale materials), and promotional costs. Advertising production costs are expensed when the advertising is first run. Advertising communication costs are expensed in the periods that the communications occur. Certain of our promotional expenses result from payments under endorsement contracts. Endorsement-related expenses are recognized as performance is received over the term of each endorsement agreement.

Total marketing expenses, inclusive of advertising, production, promotion, and agency expenses, including variable marketing expenses, were $393.7 million, $377.5 million, and $317.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Research, Design and Development Expenses

We continue to dedicate resources to product design and development based on opportunities we identify in the marketplace. We incurred expenses of $29.6 million, $25.6 million, and $21.4 million in research, design, and development activities for the years ended December 31, 2025, 2024, and 2023, respectively, which are expensed as incurred and are reported in ‘Selling, general and administrative expenses’ in the consolidated statements of operations.

Share-Based Compensation

Restricted Stock Awards (“RSAs”) and Restricted Stock Units (“RSUs”)

We grant RSAs, service-condition RSUs, performance-condition RSUs, and market-condition RSUs. The grant date fair values of RSAs, service-condition RSUs, and performance-condition RSUs are based on the closing market price of our common stock on the grant date; the grant date fair value and derived service period of market-condition RSUs are estimated using a Monte Carlo simulation valuation model. Our service-condition RSUs vest based on continued service; our performance-condition RSUs vest based on achievement of the performance goals, certification of performance achievement by the Compensation Committee of the Board of Directors, and continued service; and our market-condition RSUs vest based on the achievement of weighted performance goals, to which a relative total shareholder return modifier will be applied, and continued service. Compensation expense, net of forfeitures, is recognized on a straight-line basis over the requisite service period. For performance-condition RSUs, compensation expense is updated for our expected performance level against performance goals at the end of each reporting period, which involves judgment as to the achievement of certain performance metrics.

See Note 12 — Share-Based Compensation for additional information related to share-based compensation.

Impairment of Long-Lived Assets

Long-lived assets to be held and used are evaluated for impairment when events or circumstances indicate the carrying value of a long-lived asset or asset group is less than the undiscounted cash flows from its use and eventual disposition over its remaining economic life. We assess recoverability by comparing the sum of projected undiscounted cash flows from the use and eventual disposition over the remaining economic life of a long-lived asset or asset group to its carrying value, and record a loss from impairment if the carrying value is more than its undiscounted cash flows. For customer relationships, impairment testing is performed at the HEYDUDE Brand asset group level. For assets involved in our retail businesses, the asset group is at the retail store level. As retail store performance will vary in new and existing markets due to many factors, including maturity of the market and brand recognition, we periodically evaluate the fixed assets, leasehold improvements, and right-of-use assets related to our retail locations for impairment. For all other long-lived assets, we perform impairment testing at the asset group level for which separately identifiable cash flows are available. Assets or asset groups to be abandoned are written down to zero in the period it is determined they will no longer be used and are removed entirely from service. See Note 3 — Property and Equipment, Net, Note 4 — Goodwill and Intangible Assets, Net, and Note 6 — Leases for a discussion of impairment losses recorded during the periods presented.
Foreign Currency Gains (Losses), Net

Foreign currency gains (losses), net includes realized and unrealized foreign exchange gains and losses resulting from remeasurement and settlement of foreign-currency transactions denominated in a currency other than the functional currency of an entity and realized and unrealized gains and losses on forward foreign currency exchange derivative contracts that do not qualify for hedge accounting.

Other Income (Expense), Net

Other income (expense), net primarily includes gains and losses associated with activities not directly related to making and selling footwear.

Income Taxes

Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of other assets and liabilities. We provide for income taxes at the current and future enacted tax rates and laws applicable in each taxing jurisdiction. We account for the tax effects of global intangible low-taxed income (“GILTI”) as a component of income tax expense in the period the tax arises, to the extent applicable. We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return and disclosures regarding uncertainties in income tax positions. We recognize interest and penalties related to income tax matters in income tax expense in the consolidated statements of operations. See Note 13 — Income Taxes for further discussion.

Earnings per Share

Basic and diluted earnings per common share (“EPS”) is presented using the treasury stock method. Diluted EPS reflects the potential dilution to common shareholders from securities that could share in our earnings and is calculated by adjusting weighted average outstanding shares, assuming conversion of all potentially dilutive stock options and awards. Anti-dilutive securities are excluded from diluted EPS. See Note 14 — Earnings per Share for additional information.

Fair Value

U.S. GAAP for fair value establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). We utilize a combination of market and income approaches to value derivative instruments. Our financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels of the hierarchy and the related inputs are as follows:
LevelInputs
1Unadjusted quoted prices in active markets for identical assets and liabilities.
2Unadjusted quoted prices in active markets for similar assets and liabilities;
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or
Inputs other than quoted prices that are observable for the asset or liability.
3Unobservable inputs for the asset or liability.

We categorize fair value measurements within the fair value hierarchy based upon the lowest level of the most significant inputs used to determine fair value.

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. However, on a periodic basis or whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial instruments are assessed for impairment and, if applicable, written down to and recorded at fair value. See Note 7 — Fair Value Measurements for further discussion related to estimated fair value measurements.
v3.25.4
RECENT ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS RECENT ACCOUNTING PRONOUNCEMENTS
New Accounting Pronouncement Adopted

Income Taxes: Improvements to Income Tax Disclosure

In December 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance related to the disclosure of rate reconciliation and income taxes paid. This guidance became effective for annual periods beginning after December 15, 2024 and allows for prospective or retrospective adoption. We adopted on a prospective basis. The standard has been adopted and the rate reconciliation and cash paid for income taxes, net of refunds, have been updated within the notes to our consolidated financial statements. There is not a material impact on our consolidated financial statements. See Note 13 — Income Taxes for additional information regarding our tax disclosures.

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 December 31, 2025, are not expected to have a material impact on our consolidated financial statements.
v3.25.4
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
‘Property and equipment, net’ consists of the following:
 December 31,
 20252024
 (in thousands)
Machinery and equipment$204,034 $190,134 
Leasehold improvements190,436 156,091 
Furniture, fixtures, and other50,433 40,702 
Construction-in-progress3,161 10,863 
Property and equipment448,064 397,790 
Less: Accumulated depreciation and amortization(209,873)(153,455)
Property and equipment, net$238,191 $244,335 

Asset Retirement Obligations

We are contractually obligated, under certain of our lease agreements, to restore certain retail and office facilities back to their original condition. At lease inception, the estimated fair value of these liabilities is recorded along with a related asset. Asset retirement obligations were not significant to the consolidated balance sheets in the years ended December 31, 2025, or 2024.
Depreciation and Amortization Expense

Depreciation and amortization expense related to property and equipment, reported in ‘Cost of sales’ and ‘Selling, general and administrative expenses’ was:
Year Ended December 31,
202520242023
(in thousands)
Cost of sales$21,866 $20,673 $18,809 
Selling, general and administrative expenses33,845 26,233 12,876 
Total depreciation and amortization expense$55,711 $46,906 $31,685 

Disposals of Property and Equipment and Intangible Assets

During the years ended December 31, 2025, 2024, and 2023, we recognized net losses on disposals of property and equipment and intangible assets of $1.1 million, $1.0 million, and $0.4 million, respectively. Gains and losses on disposals of property and equipment and intangible assets are included in ‘Selling, general and administrative expenses’ and ‘Cost of sales’ in the consolidated statements of operations.

Additionally, we impaired our leasehold improvement assets for our former corporate headquarters in the year ended December 31, 2023, as described in Note 8 — Fair Value Measurements.
v3.25.4
GOODWILL AND INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS, NET GOODWILL AND INTANGIBLE ASSETS, NET
During the second quarter of the fiscal year ended 2025, there was a triggering event for the HEYDUDE Brand indefinite-lived intangible assets (which consists solely of the HEYDUDE trademark) (the “trademark”) and the HEYDUDE Brand reporting unit (the “reporting unit”) goodwill. The triggering event was due to downward revisions during the second quarter of the fiscal year ended 2025, to our internal HEYDUDE Brand forecast as a result of the extended time we believed it would take us to stabilize the HEYDUDE Brand and return it to growth. This was partly due to the current and projected impact of a weak U.S. consumer and the disproportionate impact of tariffs on HEYDUDE Brand products, which became evident in the second quarter of the fiscal year ended 2025. As a result, we completed quantitative assessments for the trademark and the reporting unit goodwill in the second quarter of the fiscal year ended 2025.

For the quantitative assessments, we compared the estimated fair values of the trademark and reporting unit with their respective carrying values. If the carrying value of the trademark or reporting unit exceeded the estimated fair value, an impairment charge was recorded. The quantitative assessments for the trademark and reporting unit goodwill were performed by management with the assistance of third-party valuation specialists.

The quantitative assessment of the trademark was performed using the Multi-Period Excess Earnings approach. The primary assumptions developed by management and used in the assessment included annual revenue growth rates averaging approximately 8%, projected earnings before interest, taxes, depreciation, and amortization (“EBITDA”) margins averaging approximately 20%, and a market-based discount rate of 15.0%, which was based on, most significantly, a risk-free rate of return, an equity market risk premium, and a company-specific risk premium. The estimated fair value of the trademark did not exceed its carrying value. In the second quarter of the fiscal year ended 2025, we recorded an impairment charge of $430.0 million within ‘Asset impairments’ in our condensed consolidated statements of operations related to the trademark, after which the estimated fair value equaled its carrying value. This impairment charge reflects lower than previously expected annual revenue growth rates and EBITDA as well as increases in market-based discount rates, specifically the risk-free rate of return, when compared to those used in our most recent annual impairment test completed prior to the second quarter of 2025.

We performed the quantitative assessment for the reporting unit goodwill using the discounted cash flow method. The primary assumptions developed by management and used in the assessment included annual revenue growth rates, projected EBITDA margins, and a market-based discount rate. The estimated fair value of the reporting unit goodwill did not exceed its carrying value. In the second quarter of the fiscal year ended 2025, we recorded an impairment charge of $307.0 million within ‘Goodwill impairment’ in our condensed consolidated statements of operations related to the reporting unit goodwill, after which the estimated fair value equaled its carrying value. This impairment charge reflects lower than previously expected annual revenue growth rates and EBITDA as well as increases in market-based discount rates, specifically the risk-free rate of return, when compared to those used in our most recent annual impairment test completed in the fourth quarter of 2024.
For the year ended December 31, 2025, we also performed a quantitative assessment for the HEYDUDE Brand reporting unit goodwill and the HEYDUDE Brand indefinite-lived intangible assets as of the first day of the fourth quarter, which is our annual impairment testing date. The estimated fair values of the HEYDUDE Brand reporting unit goodwill and indefinite-lived trademark exceeded their carrying values. For the year ended December 31, 2024, we performed a quantitative assessment for the HEYDUDE Brand reporting unit goodwill and the HEYDUDE Brand indefinite-lived intangible assets, which indicated the estimated fair values exceeded their carrying values. For the year ended December 31, 2023, we performed a qualitative and quantitative assessment for the HEYDUDE Brand reporting unit goodwill, and we performed a quantitative assessment for the HEYDUDE Brand indefinite-lived intangible assets, each of which indicated the estimated fair values exceeded their carrying values. Additionally for the years ended December 31, 2025, 2024, and 2023, we performed a qualitative assessment for the goodwill in our Crocs Brand reporting unit, which indicated that it was more likely than not that the estimated fair value exceeded its carrying value.

We did not record any impairment charges in the years ended December 31, 2024, or 2023, based on the results of our goodwill and indefinite-lived intangible assets impairment testing, and we did not record any additional impairment charge based on the results of the annual 2025 goodwill and indefinite-lived intangible assets impairment testing.

Goodwill

The changes in goodwill for the years ended December 31, 2025, and 2024, were:
Goodwill
Crocs Brand
HEYDUDE Brand
Total
(in thousands)
Net Goodwill at December 31, 2023$1,553 $710,035 $711,588 
Changes during the year ended December 31, 2024
Foreign currency translation(96)(1)(97)
Impairment— — — 
Gross goodwill at December 31, 20242,226 710,034 712,260 
Accumulated impairment(769)— (769)
Net goodwill at December 31, 20241,457 710,034 711,491 
Changes during the year ended December 31, 2025
Foreign currency translation198 — 198 
Impairment— (307,000)(307,000)
Gross goodwill at December 31, 20252,424 710,034 712,458 
Accumulated impairment(769)(307,000)(307,769)
Net goodwill at December 31, 2025$1,655 $403,034 $404,689 
Intangible Assets, Net

‘Intangible assets, net’ reported in the consolidated balance sheets consist of the following:
December 31, 2025December 31, 2024
Gross
Accumulated Amortization
Accumulated Impairment
NetGrossAccumulated AmortizationAccumulated ImpairmentNet
(in thousands)
Intangible assets subject to amortization:
Capitalized software$145,954 $(126,000)$— $19,954 $139,569 $(117,001)$— $22,568 
Customer relationships210,000 (54,250)— 155,750 210,000 (40,250)— 169,750 
Patents, copyrights, and trademarks9,767 (4,240)— 5,527 4,916 (3,791)— 1,125 
Intangible assets not subject to amortization:
HEYDUDE trademark1,570,000 — (430,000)1,140,000 1,570,000 — — 1,570,000 
In progress2,676 — — 2,676 12,644 — — 12,644 
Other773 — — 773 993 — — 993 
Total$1,939,170 $(184,490)$(430,000)$1,324,680 $1,938,122 $(161,042)$— $1,777,080 

At December 31, 2025, the weighted average useful life of intangibles subject to amortization was approximately 13.8 years.

Amortization Expense

Amortization expense related to definite-lived intangible assets, reported in ‘Cost of sales’ and ‘Selling, general and administrative expenses’ was:
Year Ended December 31,
202520242023
(in thousands)
Cost of sales$2,223 $2,395 $3,080 
Selling, general and administrative expenses21,348 20,539 19,539 
Total amortization expense$23,571 $22,934 $22,619 

Estimated future annual amortization expense of intangible assets is:
As of
December 31, 2025

(in thousands)
2026$22,507 
202720,409 
202818,486 
202916,696 
203014,889 
Thereafter88,244 
Total$181,231 
v3.25.4
ACCRUED EXPENSES AND OTHER LIABILITIES
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
ACCRUED EXPENSES AND OTHER LIABILITIES ACCRUED EXPENSES AND OTHER LIABILITIES
 
Amounts reported in ‘Accrued expenses and other liabilities’ in the consolidated balance sheets were:
December 31,
20252024
 (in thousands)
Accrued compensation and benefits$88,242 $81,265 
Professional services53,331 64,683 
Fulfillment, freight, and duties39,720 38,752 
Return liabilities37,960 34,255 
Sales/use and value added taxes payable23,068 17,330 
Other58,638 61,783 
Total accrued expenses and other liabilities$300,959 $298,068 
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
Right-of-Use Assets and Operating Lease Liabilities

Amounts reported in the consolidated balance sheets were:
December 31,
20252024
(in thousands)
Assets:
Right-of-use assets$338,669 $307,228 
Liabilities:
Current operating lease liabilities$85,772 $68,551 
Long-term operating lease liabilities297,192 283,406 
Total operating lease liabilities$382,964 $351,957 

Lease Costs and Other Information

Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ were:
Year Ended December 31,
20252024
(in thousands)
Operating lease cost$104,313 $85,130 
Short-term lease cost11,455 12,051 
Variable lease cost45,405 48,402 
Total lease costs$161,173 $145,583 

The weighted average remaining lease term and discount rate related to our lease liabilities as of December 31, 2025, were 5.5 years and 6.6%, respectively. As of December 31, 2024, the weighted average remaining lease term and discount rate related to our lease liabilities were 6.2 years and 6.5%, respectively.

During the years ended December 31, 2024, and 2023, we also impaired certain right-of-use assets as described in Note 7 — Fair Value Measurements.
Maturities

The maturities of our operating lease liabilities were:
As of
December 31, 2025
(in thousands)
2026$98,450 
202791,560 
202873,371 
202958,487 
203043,158 
Thereafter95,745 
Total future minimum lease payments460,771 
Less: imputed interest(77,807)
Total operating lease liabilities$382,964 
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
 
Recurring Fair Value Measurements

The financial assets and liabilities that are measured and recorded at fair value on a recurring basis consist of our derivative instruments. Our derivative instruments are forward foreign currency exchange contracts. We manage credit risk of our derivative instruments on the basis of our net exposure with our counterparty. All of our derivative instruments are classified as Level 2 of the fair value hierarchy and are reported in the consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at December 31, 2025, and 2024, netted by counterparty. The fair values of our derivative instruments were an insignificant asset and an insignificant liability at December 31, 2025, and an insignificant asset and an insignificant liability at December 31, 2024. See Note 8 — 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 consolidated balance sheets, which may differ from their respective fair values. The Term Loan B Facility, as described in more detail in Note 9 — Borrowings, is classified as Level 1 of the fair value hierarchy. The Notes (as defined below) are also classified as Level 1 of the fair value hierarchy and are reported in our 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 December 31, 2025, and 2024, based on interest rates currently available to us for similar borrowings. The carrying values and fair values of our borrowing instruments as of December 31, 2025, and 2024, were:
December 31, 2025December 31, 2024
Carrying ValueFair
Value		Carrying ValueFair
Value
(in thousands)
Term Loan B Facility$500,000 $504,063 $500,000 $503,125 
2029 Notes350,000 339,304 350,000 323,780 
2031 Notes350,000 323,971 350,000 305,610 
Revolving Facility62,000 62,000 190,000 190,000 
Non-Financial Assets and Liabilities

Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill, trademarks, customer relationships, 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 ‘Goodwill impairment’ and ‘Asset impairments’ in our consolidated statements of operations as follows:
Year Ended December 31,
 202520242023
 (in thousands)
Indefinite-lived trademark impairment (1)
$430,000 $— $— 
Goodwill impairment (1)
307,000 — — 
Information technology systems impairment (2)
1,115 18,172 — 
Leasehold improvement assets impairment (3)
— — 1,007 
Right-of-use assets impairment (3) (4)
— 5,909 8,280 
Total asset impairments$738,115 $24,081 $9,287 
(1) During the year ended December 31, 2025, we recognized impairment charges of $430.0 million and $307.0 million related to our indefinite-lived HEYDUDE trademark and HEYDUDE Brand reporting unit goodwill, respectively. Refer to Note 3 — Goodwill and Intangible Assets, Net for additional information.
(2) During the year ended December 31, 2025, we recognized an impairment of $1.1 million related to the discontinuation of an information technology project. During the year ended December 31, 2024, we recognized an impairment charge for information technology systems related to the HEYDUDE integration of $17.4 million to prepaid assets and $0.8 million to intangible assets.
(3) During the year ended December 31, 2023, we recognized an impairment of $9.3 million for our former corporate headquarters in Broomfield, Colorado.
(4) During the year ended December 31, 2024, we recognized an impairment of $5.5 million for our former HEYDUDE Brand warehouses in Las Vegas, Nevada, and $0.4 million for our former Crocs Brand warehouse in Oudenbosch, the Netherlands.
v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
As of December 31, 2025, 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, and cash flow hedges (“hedged derivatives”), which are used 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. During the years ended December 31, 2025, December 31, 2024, and December 31, 2023, there was a gain of $0.2 million, a gain of $0.8 million, and a loss of $0.8 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 loss of $0.9 million will be reclassified to the consolidated statement of operations.

The fair values of derivative assets and liabilities, net, all of which are classified as Level 2, are reported within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ in the consolidated balance sheets and were:
December 31, 2025December 31, 2024
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
(in thousands)
Non-hedged derivatives:
Forward foreign currency exchange contracts$888 $(291)$2,691 $(3,433)
Hedged derivatives:
Cash flow foreign currency contracts109 (961)1,242 (856)
Total derivatives997 (1,252)3,933 (4,289)
Netting of counterparty contracts(268)268 (2,762)2,762 
Total derivatives, net of counterparty contracts$729 $(984)$1,171 $(1,527)
The notional amounts of outstanding forward foreign currency exchange contracts shown below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position.
December 31, 2025December 31, 2024
NotionalFair ValueNotionalFair Value
(in thousands)
Non-hedged derivatives:
British Pound Sterling$69,908 $(154)$28,223 $536 
South Korean Won18,690 257 9,274 655 
Euro12,712 18 49,833 (1,303)
Brazilian Real12,026 28 — — 
Japanese Yen7,882 354 5,510 289 
Canadian Dollar (1)
4,938 94 5,579 (221)
Singapore Dollar— — 31,524 (1,251)
Other currencies (1)
— — 19,528 553 
Total non-hedged derivatives126,156 597 149,471 (742)
Hedged derivatives:
Euro39,909 (279)17,246 628 
South Korean Won23,963 (494)8,790 614 
Japanese Yen9,342 109 — — 
British Pound Sterling7,931 (82)23,678 (303)
Chinese Yuan— — 40,458 (553)
Australian Dollar7,677 (46)— — 
Canadian Dollar7,595 (60)— — 
Total hedged derivatives96,417 (852)90,172 386 
Total derivatives$222,573 $(255)$239,643 $(356)
Latest maturity date, non-hedged derivativesJanuary 2026January 2025
Latest maturity date, hedged derivativesDecember 2026October 2025
(1) Amounts as of December 31, 2024, have been reclassified to conform to current period presentation.

Amounts reported in ‘Foreign currency gains (losses), net’ in the consolidated statements of operations include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were as follows:
Year Ended December 31,
 202520242023
 (in thousands)
Foreign currency transaction gains (losses)
$8,704 $(4,693)$(1,992)
Foreign currency forward exchange contracts gains (losses)
1,139 (2,084)752 
Foreign currency gains (losses), net
$9,843 $(6,777)$(1,240)
v3.25.4
BORROWINGS
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
 
Our long-term borrowings were as follows:
Stated Interest RateEffective Interest RateDecember 31,
Maturity20252024
(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 Facility202762,000 190,000 
Total face value of long-term borrowings1,262,000 1,390,000 
Less:
Unamortized issuance costs31,115 40,661 
Total long-term borrowings$1,230,885 $1,349,339 

At both December 31, 2025, and 2024, $10.2 million of accrued interest related to our borrowings was reported in ‘Accounts payable’ in the 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 December 31, 2025, we were in compliance with all financial covenants under the Credit Agreement.

As of December 31, 2025, the total commitments available from the lenders under the Revolving Facility were $1.0 billion. At December 31, 2025, we had $62.0 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 December 31, 2025, and 2024, we had $937.4 million and $809.4 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, though we have the ability to request extensions as 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 December 31, 2025, 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 December 31, 2025, we were in compliance with all financial covenants under the Term Loan B Credit Agreement.

Asia Revolving Credit Facility

During the year ended December 31, 2025, 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 December 31, 2025, and 2024, 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 December 31, 2025, we were in compliance with all financial covenants under the Notes.
v3.25.4
EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
EQUITY EQUITY
Common Stock

We have one class of common stock with a par value of $0.001 per share. There are 250.0 million shares of common stock authorized for issuance. Holders of common stock are entitled to one vote per share on all matters presented to common stockholders.

Common Stock Repurchase Program

On April 23, 2021, the Board approved and authorized a program to repurchase up to $1.0 billion of our common stock, with subsequent increases to the stock repurchase authorization of $1.0 billion approved on September 23, 2021, and $1.0 billion approved on February 10, 2025. The number, price, structure, and timing of the repurchases are at our sole discretion and may be made depending on market conditions, liquidity needs, restrictions under the agreements governing our indebtedness, and other factors. The Board of Directors may suspend, modify, or terminate the program at any time without prior notice. Share repurchases may be made in the open market or in privately negotiated transactions. The repurchase authorization does not have an expiration date and does not obligate us to acquire any amount of our common stock. Under Delaware state law, these shares are not retired, and we have the right to resell any of the shares repurchased.

During the year ended December 31, 2025, we repurchased 6.5 million shares of our common stock at a cost of $577.2 million, including commissions. During the year ended December 31, 2024, we repurchased 4.3 million shares of our common stock at a cost of $551.2 million, including commissions.

As of December 31, 2025, and 2024, we have recorded an accrual for the stock repurchase excise tax of $5.5 million and $5.1 million, respectively, which is reported in ‘Accrued expenses and other liabilities’ and ‘Treasury stock’ in our consolidated balance sheet.

As of December 31, 2025, we had remaining authorization to repurchase approximately $746.8 million of our common stock, subject to restrictions under our Indentures, Credit Agreement, and Term Loan B Credit Agreement.

Preferred Stock

We have authorized and available for issuance 5.0 million shares of preferred stock. Of these preferred shares, 1.0 million were authorized as Series A Convertible Preferred Stock with a par value of $0.001 per share and none were issued or outstanding as of December 31, 2025.
v3.25.4
REVENUES
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenues by reportable operating segment and by channel were:
Year Ended December 31,
202520242023
Crocs Brand:
North America:
Wholesale$584,677 $644,511 $652,943 
Direct-to-consumer1,124,958 1,188,911 1,124,942 
Total North America (1)
1,709,635 1,833,422 1,777,885 
International:
Wholesale1,014,697 963,035 840,594 
Direct-to-consumer601,475 481,510 394,475 
Total International1,616,172 1,444,545 1,235,069 
Total Crocs Brand$3,325,807 $3,277,967 $3,012,954 
Crocs Brand:
Total Wholesale$1,599,374 $1,607,546 $1,493,537 
Total Direct-to-consumer1,726,433 1,670,421 1,519,417 
Total Crocs Brand3,325,807 3,277,967 3,012,954 
HEYDUDE Brand:
Wholesale336,325 456,472 566,937 
Direct-to-consumer378,515 367,669 382,456 
Total HEYDUDE Brand (2)
714,840 824,141 949,393 
Total consolidated revenues$4,040,647 $4,102,108 $3,962,347 
(1) North America includes the United States and Canada.
(2) The vast majority of HEYDUDE Brand revenues are derived from North America.

Contract Liabilities

Contract liabilities consist of advance cash deposits received from wholesale customers to secure product orders in connection with selling seasons and payments received in advance of delivery. As products are shipped and control transfers, we recognize the deferred revenue in ‘Revenues’ in the consolidated statements of operations. At December 31, 2025, we did not record any deferred revenues, and at December 31, 2024, we recorded an insignificant amount of deferred revenues associated with advance customer deposits in ‘Accrued expenses and other liabilities’ in the consolidated balance sheets.

Refund Liabilities

Refund liabilities, primarily associated with product sales returns, are estimated based on an analysis of historical experience, and adjustments to our estimates are made when the expected value changes. At December 31, 2025, and 2024, $38.0 million and $34.3 million, respectively, of refund liabilities, primarily associated with product returns, were reported in ‘Accrued expenses and other liabilities’ in the consolidated balance sheets.
v3.25.4
SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
Our share-based compensation awards are issued under the 2020 Equity Incentive Plan (“2020 Plan”) and predecessor plan, the 2015 Equity Incentive Plan (“2015 Plan”). Any awards that expire or are forfeited under the 2015 Plan become available for issuance under the 2020 Plan. We account for forfeitures as they occur when calculating share-based compensation expense. The aforementioned plans provide for the issuance of previously unissued common stock in connection with the exercise of stock options and conversion of other share-based awards. As of December 31, 2025, 2.5 million shares of common stock remained available for future issuance under all plans, subject to adjustment for future stock splits, stock dividends, and similar changes in capitalization.
The majority of share-based compensation expense is reported in our consolidated statements of operations as ‘Selling, general and administrative expenses’ with an insignificant amount recorded within ‘Cost of sales.’

Stock Option Activity

Stock option activity during the year ended December 31, 2025, was:
Number of OptionsWeighted Average Exercise PriceWeighted Average Contractual Life (Years)Aggregate Intrinsic Value
(in thousands, except exercise price and years)
Outstanding as of December 31, 2024
200 $6.98 2.42$20,510 
Granted— — 
Exercised— — 
Forfeited or expired— — 
Outstanding as of December 31, 2025
200 $6.98 1.42$15,314 
Exercisable at December 31, 2025
200 $6.98 1.42$15,314 
Vested at December 31, 2025
200 $6.98 1.42$15,314 

No stock options were granted during 2025, 2024, or 2023. The aggregate intrinsic value of stock options exercised during the year ended December 31, 2024, was $1.0 million. No stock options were exercised during 2025 or 2023. During the year ended December 31, 2024, we received $0.2 million cash in connection with the exercise of stock options. As of December 31, 2025, we did not have any unrecognized share-based compensation expense related to unvested options.

Stock options under our equity incentive plans generally expire ten years after the date of grant.

Restricted Stock Awards and Restricted Stock Units Activity

Generally on an annual basis, we grant RSAs and RSUs. RSAs and RSUs generally vest over three years, depending on the terms of the grant. Holders of unvested RSAs have the same rights as those of common stockholders including voting rights and non-forfeitable dividend rights. However, ownership of unvested RSAs cannot be transferred until vested. Holders of unvested RSUs have a contractual right to receive shares of common stock upon vesting. RSUs have dividend equivalent rights, which accrue over the term of the award and are paid if and when the RSUs vest, but RSU holders have no voting rights. We grant service-condition RSUs, performance-condition RSUs, and market-condition RSUs.

Service-condition RSUs are typically granted on an annual basis and vest over time in three equal annual installments, beginning one year after the grant date. During the years ended December 31, 2025, 2024, and 2023, we granted 0.5 million, 0.3 million, and 0.2 million service-condition RSUs, respectively.

Performance-condition RSUs are typically granted on an annual basis and consist of a performance-based and service-based component. The performance targets and vesting conditions for performance-condition RSUs are based on achievement of multiple weighted performance goals. The number of performance-condition RSUs ultimately awarded may be between 0% and 200%, based on performance. These RSUs vest in three equal annual installments beginning one year after the grant date, pending certification of performance achievement by the Compensation Committee of our Board of Directors and continued service. The fair value of performance-condition awards is based on the closing market price of our common stock on the grant date. Compensation expense, net of forfeitures, is updated for our probable expected performance level against performance goals at the end of each reporting period. During the years ended December 31, 2025, 2024, and 2023, we granted 0.4 million, 0.3 million, and 0.2 million performance-condition RSUs, respectively. Of the 0.4 million performance-condition RSUs granted in 2025, 0.3 million also have market conditions. During the years ended December 31, 2024, and 2023, we did not grant market-conditions RSUs. The grant date fair value and derived service period for performance-condition RSUs that have market conditions are estimated using a Monte Carlo simulation model.
RSA and RSU activity during the year ended December 31, 2025, was:
Restricted Stock AwardsRestricted Stock Units
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
(in thousands, except fair value data)
Unvested at December 31, 2024
2 $148.72 1,000 $110.82 
Granted7 105.15 915 96.59 
Vested(5)120.40 (276)109.66 
Forfeited— — (272)117.95 
Unvested at December 31, 2025
4 $105.15 1,367 $100.11 

The weighted average grant date fair value of RSAs granted during the years ended December 31, 2025, 2024, and 2023, was $105.15, $130.75, and $105.95 per share, respectively. RSAs vested during the years ended December 31, 2025, 2024, and 2023, consisted entirely of service-condition awards. The total grant date fair value of RSAs vested in the years ended December 31, 2025, 2024, and 2023, was $0.7 million, $0.7 million and $0.5 million, respectively.

As of December 31, 2025, unrecognized share-based compensation expense for RSAs was $0.3 million, which is expected to amortize over a remaining weighted average period of 0.4 years.

The weighted average grant date fair value of RSUs granted during the years ended December 31, 2025, 2024, and 2023, was $96.59, $124.04, and $122.97 per share, respectively. RSUs vested during the year ended December 31, 2025, consisted of 0.2 million service-condition awards and 0.1 million performance-condition awards. RSUs vested during the year ended December 31, 2024, consisted of 0.2 million service-condition awards and 0.2 million performance- and market-condition awards. RSUs vested during the year ended December 31, 2023, consisted of 0.3 million service-condition awards and 0.3 million performance- and market-condition awards. The total grant date fair value of RSUs vested during the years ended December 31, 2025, 2024, and 2023, was $27.7 million, $29.5 million and $31.1 million, respectively.

As of December 31, 2025, unrecognized share-based compensation expenses for service-condition RSUs were $42.8 million and for performance- and market-condition RSUs were $10.5 million, and are expected to amortize over remaining weighted average periods of 2.0 years and 1.6 years, respectively.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
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. There remains uncertainty as to the final Pillar Two rules as the OECD continues to release guidance and modifications to the rules. In January 2026, the OECD released additional guidance regarding a side-by-side agreement to exclude U.S. parented companies from the scope of some Pillar Two taxes, specifically the Income Inclusion Rule and Undertaxed Profits Rule. We will continue to monitor new guidance and laws as they are released and implemented. The Pillar Two rules did not have a significant impact on our 2025 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 legislation has multiple effective dates with certain provisions effective in 2025 and other relevant provisions effective in 2026. The Company applied the provisions of the new tax law in 2025 and it did not have a significant impact on our 2025 consolidated financial statements.

In 2025, in one relevant jurisdiction, we settled a portion of the uncertain tax positions associated with the 2023 intellectual property (“IP”) transactions that resulted in the release of uncertain tax positions of $34.1 million. The other relevant uncertain tax positions associated with the 2023 IP transactions remain unchanged. The impairments of the indefinite-lived HEYDUDE trademark and HEYDUDE Brand reporting unit goodwill also impact the net deferred tax assets since the GAAP carrying value
decreased. As of December 31, 2025, the related deferred tax asset, net of applicable valuation allowance and uncertain tax positions, was $114.2 million.

In 2024, we completed an intra-entity transaction related to certain IP rights primarily to align with current and future international operations. The transaction resulted in a step-up in tax basis of IP rights and a correlated increase in foreign deferred tax assets based on the fair value of the IP rights. Foreign deferred tax assets increased by $268.8 million and this benefit was offset by an increase in uncertain tax positions of $145.6 million. As such, a net change in deferred tax asset of $123.2 million was recognized along with a corresponding foreign income tax benefit in 2024. In 2024, we received new information and remeasured the reserve for uncertain tax positions related to the 2020 and 2021 IP rights transactions which resulted in the release of uncertain tax positions of $141.2 million along with a corresponding foreign income tax benefit. As of December 31, 2025, the related deferred tax asset, net of applicable valuation allowance and uncertain tax positions, was $289.8 million.

During 2020, 2021, 2023 and 2024, we completed intra-entity transactions related to certain IP rights primarily to align with current and future international operations. The transactions were executed using transfer pricing guidelines issued by the relevant taxing authorities. Significant estimates and assumptions were required to compute the valuation of this transaction. These estimates and assumptions include, but are not limited to, estimated future revenue growth and discount rates, which by their nature are inherently uncertain, and, therefore, may ultimately differ materially from our actual results.

We have recorded certain tax reserves to address potential differences involving our income tax positions. These potential tax liabilities result from the varying application of statutes, rules, regulations, and interpretations by different taxing jurisdictions. While our tax position is not uncertain, because of the significant estimates used in the value of certain IP rights, our tax reserves contain assumptions based on past experiences and judgments about the interpretation of statutes, rules and regulations by taxing jurisdictions. It is possible that the costs of the ultimate tax liability or benefit from these matters may be materially more or less than the amount that we estimated.

In order to support and sustain the amortizable tax basis for these transactions (and associated deferred tax asset, net of uncertain tax position), we must demonstrate economic ownership, including the appropriate authority and expertise to manage the IP owned and serviced in the Netherlands and Singapore. The determination of economic substance is a judgment that has to be evaluated by management on a continual basis requiring understanding and expertise of local laws of each associated tax jurisdiction. The Netherlands and Singapore subsidiaries serve as the primary corporate headquarters outside of the U.S. and already perform significant functions in support of the economic ownership of the IP. In 2025, we undertook activities to align business operations that support the economic substance of the IP.
The following table sets forth income before taxes and the expense for income taxes:
 Year Ended December 31,
 2025
2024
2023
 (in thousands)
Income before taxes:  
U.S. $(6,474)$217,429 $309,098 
Foreign79,452 693,156 567,174 
Total income before taxes$72,978 $910,585 $876,272 
Income tax expense (benefit):
Current income taxes:
U.S. federal$51,449 $98,137 $85,075 
U.S. state11,436 18,005 21,884 
Foreign44,198 98,826 387,066 
Total current income taxes107,083 214,968 494,025 
Deferred income taxes:
U.S. federal(25,866)(8,393)(12,873)
U.S. state(10,805)(797)(1,662)
Foreign83,764 (245,264)(395,784)
Total deferred income taxes47,093 (254,454)(410,319)
Total income tax expense (benefit)
$154,176 $(39,486)$83,706 
The following table sets forth income reconciliations of the statutory federal income tax rate to actual rates based on income or loss before income taxes, reflecting the adoption of new accounting guidance. A subsequent table below provides the corresponding information for the prior year before the adoption of new accounting guidance and is provided for comparative purposes only.
Year Ended December 31,
2025
(in thousands)
Income tax expense and rate attributable to:
Federal income tax rate$15,326 21.0 %
State income tax rate, net of federal benefit (1)
(386)(0.5)%
Foreign tax effects
Netherlands
Statutory tax rate difference between Netherlands and United States17,094 23.3 %
HEYDUDE trademark and HEYDUDE goodwill impairment
7,598 10.4 %
Foreign tax credits(17,323)(23.7)%
Non-deductible/non-taxable items58,571 80.3 %
Other854 1.2 %
China
Withholding taxes11,828 16.2 %
Other (2,721)(3.7)%
Malta(47,361)(65.0)%
Other foreign Jurisdictions
Change in valuation allowance79,375 108.8 %
HEYDUDE trademark and HEYDUDE goodwill impairment
23,700 32.5 %
Withholding taxes20,622 28.3 %
Other3,338 4.6 %
Effects of Cross-Border Tax Laws:
Global Intangible Low-Taxed Income10,277 14.1 %
Other(239)(0.3)%
Tax Credits(3,602)(4.9)
Change in valuation allowance (16,202)(22.2)%
Non-deductible/non-taxable items3,737 5.1 %
HEYDUDE trademark and HEYDUDE goodwill impairment
33,171 45.5 %
Uncertain tax positions (44,483)(61.0)%
Other1,002 1.3 %
Effective income tax expense and rate$154,176 211.3 %
(1) State taxes in California, Colorado, Florida, Indiana, Massachusetts, Ohio, and Tennessee made up the majority (greater than 50 percent) of the tax effect in this category.
 Year Ended December 31,
 20242023
 (in thousands)
Income tax expense and rate attributable to:
Federal income tax rate$191,223 21.0 %$184,017 21.0 %
State income tax rate, net of federal benefit
13,301 1.5 %16,854 1.9 %
Foreign income tax rate differential(34,166)(3.8)%31,495 3.6 %
Global Intangible Low-Taxed Income, net
61,440 6.6 %44,003 5.0 %
Non-deductible/non-taxable items
(12,028)(1.3)%(1,129)(0.1)%
Change in valuation allowance58,861 6.5 %156,312 17.8 %
U.S. tax on foreign earnings12,684 1.4 %1,752 0.2 %
Foreign tax credits(98,551)(10.8)%(55,648)(6.4)%
Research and development credits(9,903)(1.1)%(6,754)(0.8)%
Uncertain tax positions50,193 5.5 %330,819 37.8 %
Share-based compensation(1,157)(0.1)%(2,097)(0.2)%
Intra-entity IP transactions
(271,700)(29.8)%(611,403)(69.8)%
Other317 0.1 %(4,515)(0.4)%
Effective income tax expense and rate$(39,486)(4.3)%$83,706 9.6 %

The following tables set forth cash paid for income taxes, net of refunds, reflecting the adoption of ASU 2023-09. A subsequent table below provides the corresponding information for the prior years before the adoption of ASU 2023-09 and is provided for comparative purposes only.
 
Year Ended December 31,
2025
(in thousands)
Cash paid for income taxes, net of refunds:
Federal$81,458 
State13,186 
Foreign
China15,584 
Netherlands40,605 
Other foreign34,233 
Total$185,066 

Year Ended December 31,
20242023
(in thousands)
Cash paid for income taxes, net of refunds (1)
$122,678 $176,564 
(1) During the year ended December 31, 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 years ended December 31, 2024, and 2023, have been recast to conform to current period presentation.
Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table sets forth deferred income tax assets and liabilities as of the date shown:
 December 31,
 20252024
 (in thousands)
Non-current deferred tax assets:  
Share-based compensation expense$4,727 $4,081 
Accruals, reserves, and other expenses12,302 22,974 
Net operating loss311,741 65,776 
Intangible assets832,144 918,000 
Foreign tax credit65,268 49,027 
Operating lease liabilities77,131 75,396 
Unrealized loss on foreign currency
— 59,111 
Other
55,797 48,866 
Valuation allowance(300,379)(241,568)
Total non-current deferred tax assets$1,058,731 $1,001,663 
Non-current deferred tax liabilities:
Unrealized gain on foreign currency
(1,254)— 
Property and equipment(17,744)(25,896)
Right-of-use assets(65,551)(63,782)
Intangible assets(38,561)(42,409)
Other(1,449)(1,313)
Total non-current deferred tax liabilities$(124,559)$(133,400)
In 2024, the intra-entity transaction related to IP rights resulted in an increase in the intangible assets deferred tax asset of $268.8 million, and this benefit was offset by an increase in uncertain tax positions of $145.6 million. In 2024, we received new information and remeasured the reserve for uncertain tax positions related to the 2020 and 2021 IP rights transactions which resulted in the release of uncertain tax positions of $141.2 million along with a corresponding foreign income tax benefit.
During 2025, valuation allowances recorded against deferred tax assets increased by $58.8 million. During 2024, valuation allowances increased by $58.0 million. 

Our valuation allowances are primarily the result of uncertainties regarding the future realization of tax attributes recorded in various jurisdictions. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not the deferred tax assets will not be realized. We have evaluated the realizability of our deferred tax assets in each jurisdiction by assessing the adequacy of expected taxable income, including the reversal of existing temporary differences, historical and projected operating results, and the availability of prudent and feasible tax planning strategies. In assessing our valuation allowance, we considered all available evidence, including the magnitude of recent and current operating results, the duration of statutory carryforward periods, our historical experience utilizing tax attributes prior to their expiration dates, the historical volatility of operating results of these jurisdictions, and our assessment regarding the sustainability of their profitability. The weight we give to any particular item is, in part, dependent upon the degree to which it can be objectively verified.

In certain other jurisdictions, we recorded additional attributes, primarily driven by operational losses recognized based on local tax accounting requirements. These carryforwards were generated in jurisdictions where results indicate it is not more likely than not the deferred tax assets would be realized. We maintain a valuation allowance against the majority of these balances.

We have included in the table above deferred tax assets related to U.S. federal tax carryforwards of foreign tax credits and various state tax credits which expire starting in 2031 of $23.6 million and $17.9 million at December 31, 2025, and 2024, respectively. We have included in the table above deferred tax assets related to U.S. state tax net operating loss carryforwards, some of which expire at various dates beginning in 2030 and others of which do not expire, of $6.5 million and $0.3 million at December 31, 2025, and 2024, respectively. We have recorded deferred tax assets related to foreign tax carryforwards,
including foreign tax credits and net operating losses, which expire starting in 2026 and those which do not expire of $346.9 million and $98.3 million as of December 31, 2025, and 2024, respectively.

The transition tax in the U.S. Tax Cuts and Jobs Act (“Tax Act”) imposed a tax on undistributed and previously untaxed foreign earnings at various tax rates. This tax largely eliminated the differences between the financial reporting and income tax basis of foreign undistributed earnings. Furthermore, as of December 31, 2025, foreign withholding taxes have not been provided on unremitted earnings of subsidiaries operating outside of the U.S. as these amounts are considered to be indefinitely reinvested. We consider all foreign earnings permanently reinvested unless there is an option to repatriate with low to minimal tax cost.

The following table sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefits:
 Year Ended December 31,
 202520242023
 (in thousands)
Unrecognized tax benefit as of January 1$582,228 $556,482 $219,363 
Additions in tax positions taken in prior period1,522 9,855 3,690 
Reductions in tax positions taken in prior period(14,624)(147,561)(7)
Additions in tax positions taken in current period72,177 184,184 325,058 
Settlements(34,840)— — 
Lapse of statute of limitations(9,585)(366)(148)
Cumulative foreign currency translation adjustment40,095 (20,366)8,526 
Unrecognized tax benefit as of December 31$636,973 $582,228 $556,482 

We recorded a net expense of $10.2 million related to increases in 2025 unrecognized tax benefits. The impact of uncertain tax benefits on the rate reconciliation includes net increases and decreases in position changes and accrued interest expense. We disclosed current year unrecognized tax benefits and the related tax positions on a net basis in the categories in the rate reconciliation in which the tax positions are presented.

Any settlements or statute of limitations expirations could result in a significant decrease in our uncertain tax positions. Our assessments are based on estimates and assumptions using the best available information to management. However, our estimates of unrecognized tax benefits and potential tax benefits may not be representative of actual outcomes, and any variation from such estimates could materially affect our financial statements in the period of settlement or when the statutes of limitations expire. Finalizing audits with the relevant taxing authorities can include formal administrative and legal proceedings, and, as a result, it is difficult to estimate the timing and range of possible change related to our uncertain tax positions, and such changes could be significant.

Interest and penalties related to income tax liabilities are included in ‘Income tax expense (benefit)’ in the consolidated statements of operations. For the years ended December 31, 2025, 2024, and 2023, income tax-related penalties and interest were insignificant. During the year ended December 31, 2025, we released $4.8 million of interest from settlements, lapse of statutes, and change in certainty. The cumulative accrued balance of penalties and interest was $12.2 million, $13.3 million, and $8.8 million, as of December 31, 2025, 2024, and 2023, respectively.

Unrecognized tax benefits of $642.2 million, $591.7 million, and $562.0 million as of December 31, 2025, 2024, and 2023, respectively, if recognized, would reduce the annual effective tax rate offset by deferred tax assets recorded for uncertain tax positions.

We have tax years open to examination in the major jurisdictions where we conduct business for the 2012-2025 tax years.
v3.25.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
 
Basic and diluted EPS for the years ended December 31, 2025, 2024, and 2023, were as follows: 
Year Ended December 31,
202520242023
(in thousands, except per share data)
Numerator:
Net income attributable to common stockholders
$(81,198)$950,071 $792,566 
Denominator:   
Weighted average common shares outstanding - basic54,208 59,381 61,386 
Plus: Dilutive effect of stock options and unvested restricted stock units
— 451 566 
Weighted average common shares outstanding - diluted
54,208 59,832 61,952 
Net income per common share:
Basic$(1.50)$16.00 $12.91 
Diluted$(1.50)$15.88 $12.79 
For the year ended December 31, 2025, 0.5 million outstanding shares issued under share-based compensation awards were anti-dilutive and, therefore, excluded from the calculation of diluted EPS. For the years ended December 31, 2024, and 2023, an insignificant number of outstanding shares issued under share-based compensation awards were anti-dilutive and, therefore, excluded from the calculation of diluted EPS.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
 
Purchase Commitments

As of December 31, 2025, we had purchase commitments to our third-party manufacturers, primarily for materials and supplies used in the manufacture of our products, for an aggregate of $274.2 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 consolidated balance sheets.

See Note 17 — Legal Proceedings for further details regarding potential loss contingencies related to government tax audits and other current legal proceedings.
v3.25.4
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION
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:
Year Ended December 31,
202520242023
(in thousands)
Crocs Brand:
Revenues$3,325,807 $3,277,967 $3,012,954 
Cost of sales
1,287,447 1,258,727 1,205,670 
Selling, general and administrative expenses
926,681 837,228 727,954 
Income from operations (1)
1,111,679 1,182,012 1,079,330 
HEYDUDE Brand:
Revenues
714,840 824,141 949,393 
Cost of sales
394,805 430,893 531,414 
Selling, general and administrative expenses
251,890 250,406 205,593 
Asset impairments737,000 5,441 — 
Income from operations (1)
(668,855)137,401 212,386 
Total segment income from operations
$442,824 $1,319,413 $1,291,716 
Reconciliation of segment income from operations to income before income taxes:
Enterprise corporate costs (1)
(293,309)(297,502)(254,933)
Foreign currency gains (losses), net9,843 (6,777)(1,240)
Interest income1,844 3,484 2,406 
Interest expense(88,287)(109,264)(161,351)
Other income (expense), net63 1,231 (326)
Income before income taxes$72,978 $910,585 $876,272 
Depreciation and amortization: (2)
Crocs Brand
$40,387 $35,165 $31,950 
HEYDUDE Brand
23,151 19,353 14,200 
Enterprise corporate15,744 15,322 8,154 
Total consolidated depreciation and amortization$79,282 $69,840 $54,304 
(1) In the first quarter of 2024, to reflect a change in the way management evaluates segment performance, makes operating decisions, and allocates resources, we made changes to segment profitability related to certain foreign currency amounts impacting cost of sales. These amounts have shifted costs or benefits that were previously presented in each of our reportable segments to ‘Enterprise corporate.’ We believe that the impact of these changes on prior periods is insignificant to each segment and thus have not recast prior periods.
(2) 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.’
There were no customers who represented 10% or more of consolidated revenues during the years ended December 31, 2025, 2024, and 2023. The following table sets forth certain geographical information regarding our consolidated revenues for the periods as shown:
 Year Ended December 31,
 202520242023
 (in thousands)
Location:   
United States$2,260,656 $2,482,218 $2,573,663 
International (1)
1,779,518 1,619,890 1,388,684 
Total revenues$4,040,647 $4,102,108 $3,962,347 
(1) No individual international country represented 10% or more of consolidated revenues in any of the years presented.


The following table sets forth geographical information regarding property and equipment assets as of the dates shown:
 December 31,
 20252024
 (in thousands)
Location:  
United States$194,714 $205,166 
International (1)
43,477 39,169 
Total property and equipment, net$238,191 $244,335 
(1) As of December 31, 2025, and 2024, property and equipment, net in the Netherlands represented approximately 10% of consolidated property and equipment, net, comprised primarily of property and equipment related to the distribution center in Dordrecht. No other individual international country represented 10% or more of consolidated property and equipment, net in any of the years presented.
v3.25.4
LEGAL PROCEEDINGS
 12 Months Ended
Dec. 31, 2025
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 the Company’s 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 all other legal claims and disputes, we have accrued estimated losses of $1.6 million within ‘Accrued expenses and other liabilities’ in our consolidated balance sheet as of December 31, 2025. As we are able, we estimate reasonably possible losses or a range of reasonably possible losses. As of December 31, 2025, 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.
v3.25.4
EMPLOYEE BENEFIT PLAN
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLAN EMPLOYEE BENEFIT PLAN
Defined Contribution Plan

We sponsor a qualified defined contribution benefit plan (the “Plan”), covering substantially all of our U.S. employees. The Plan includes a savings plan feature under Section 401(k) of the Internal Revenue Code. We make matching contributions to the plans equal to 100% of the first 3%, and up to 50% of the next 2% of salary contributed by an eligible employee. Participants are vested 100% in our matching contributions when made. Contributions made by us under the Plan were $17.4 million, $14.8 million, and $12.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We maintain a Cybersecurity Incident Response Plan that is an important component of our Cybersecurity Risk Management Program, which then integrates into our Enterprise Risk Management (“ERM”) Program. Our Cybersecurity Incident Response Plan is designed to facilitate a timely, consistent, and compliant response to actual or attempted cybersecurity incidents impacting the Company. The Cybersecurity Incident Response Plan is built on a framework that is aligned with publication 800-61 of the National Institute of Standards and Technology and is tailored to our people, processes, and technology. Cybersecurity Incident Response Plan phases include (1) preparation, (2) detection and analysis, which includes processes to assess the materiality of cybersecurity incidents and make timely reports, (3) containment, eradication, and recovery, and (4) post-incident activity. The Cybersecurity Incident Response Plan also defines the objectives, roles and responsibilities, and scope of our incident response program.

We maintain a formal information security training program for all employees that includes training on matters such as security awareness, phishing, artificial intelligence usage guidelines, and email security best practices. Employees are also required to complete compulsory training on compliance and data privacy.

We engage with third-party assessors, consultants, and auditors to test our cybersecurity maturity and to drive continuous monitoring and improvements. The engagement includes having independent third parties perform compliance, technical, and maturity assessments, such as (1) attack surface assessment, (2) penetration testing assessment, (3) cybersecurity maturity assessments, and (4) cybersecurity risk assessments. Assessment results in remediation planning that contributes to our information security programs, whose progress and status are reported to the Audit Committee of the Board.

We rely on our information technology (“IT”) systems and networks in connection with our business activities. Some of these networks and systems are managed by third-party service providers and are not under our direct control. We have implemented processes to manage the cybersecurity risks associated with our use of third-party service providers through our vendor risk management program, which includes vendor risk assessments and technology reviews based on our cybersecurity reference architecture. Our cybersecurity reference architecture is based on our Information Security Policy and covers best practices, including usage of artificial intelligence.

Despite the security measures we have implemented, certain cyber incidents could materially disrupt operational systems. Disruptions may include intentional attacks that results in loss of trade secrets or other proprietary or competitively sensitive information; compromise personally identifiable information regarding customers or employees; delay our ability to deliver products to customers; jeopardize the security of our facilities; or cause other damage. Although the risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition, such incidents could have a material adverse effect in the future as cyberattacks continue to increase in frequency and sophistication. We continuously seek to maintain a robust program of information security and controls, but the impact of a material cybersecurity incident could have an adverse effect on our competitive position, reputation, results of operations, financial condition, and cash flows. Additionally, while we have a cybersecurity program designed to protect and preserve the confidentiality, integrity, and availability of our information systems, we also maintain cybersecurity insurance to manage potential liabilities resulting from specific cyber-attacks. Although we maintain cybersecurity insurance, there can be no guarantee that our insurer(s) will cover specific claims, pay the full costs of an incident, or provide payment in a timely manner.

For more information, please see “Item 1A – Risk Factors – Risks Specific to Our Company and Strategy-Our business relies significantly on the use of information technology. A significant disruption to our operational technology or those of our business partners, a privacy law violation, or a data security breach could harm our reputation and/or our ability to effectively operate our business, and our financial results.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We maintain a Cybersecurity Incident Response Plan that is an important component of our Cybersecurity Risk Management Program, which then integrates into our Enterprise Risk Management (“ERM”) Program. Our Cybersecurity Incident Response Plan is designed to facilitate a timely, consistent, and compliant response to actual or attempted cybersecurity incidents impacting the Company. The Cybersecurity Incident Response Plan is built on a framework that is aligned with publication 800-61 of the National Institute of Standards and Technology and is tailored to our people, processes, and technology. Cybersecurity Incident Response Plan phases include (1) preparation, (2) detection and analysis, which includes processes to assess the materiality of cybersecurity incidents and make timely reports, (3) containment, eradication, and recovery, and (4) post-incident activity. The Cybersecurity Incident Response Plan also defines the objectives, roles and responsibilities, and scope of our incident response program.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Audit Committee of the Board is responsible for monitoring and overseeing risk management from cybersecurity threats. In accordance with the Audit Committee’s charter, the Audit Committee is responsible for oversight of our ERM program, which includes cyber risk management. It is the Audit Committee’s responsibility to review and discuss with management the adequacy and effectiveness of our cybersecurity policies and the internal controls regarding cybersecurity and privacy related areas. To satisfy this responsibility, the Audit Committee receives periodic updates from management regarding our cybersecurity program. The updates may include information on, among other things, actual events or incidents, results of vulnerability assessments and penetration testing, results of security incident and event management monitoring, updates to the cybersecurity strategy and program, new or modified security policy recommendations, and cybersecurity risk in general. On at least an annual basis, management presents to the Audit Committee on cybersecurity strategy and framework, roadmaps for continued program maturity, key risk areas and related actions, and any significant incidents that have occurred or are reasonably likely to occur. The entire Board is invited to attend this annual cybersecurity meeting of the Audit Committee.

Our Executive Leadership Team is responsible for managing enterprise risk, which is inclusive of cybersecurity. The Chief Information Officer (“CIO”), a member of the Executive Leadership Team, and the Chief Information Security Officer (“CISO”), who reports to the CIO, are responsible for assessing and managing cybersecurity risk, including the prevention, detection, mitigation, and remediation of cybersecurity incidents. The CIO has over 30 years of experience in Information Technology and Operations including executive-level experience within the consumer goods industry. The CISO possesses relevant expertise in cybersecurity, including 25 years in both IT and cybersecurity.
The cybersecurity team reports to the CISO and has responsibility to prevent, mitigate, detect, and remediate cybersecurity incidents through various processes. These processes include regular vulnerability assessments and penetration testing, security incident and event management, continuous monitoring, and threat intelligence gathering. Additionally, we employ several third parties with expertise in specific cybersecurity risk areas. These third parties report to the CISO, who actively engages with these third parties to monitor their activities and compliance with service level agreements. Through these activities and monitoring, both internally and externally, any events or incidents identified will be escalated to the Board in accordance with our formal Cybersecurity Incident Response Plan.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Executive Leadership Team is responsible for managing enterprise risk, which is inclusive of cybersecurity.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] It is the Audit Committee’s responsibility to review and discuss with management the adequacy and effectiveness of our cybersecurity policies and the internal controls regarding cybersecurity and privacy related areas. To satisfy this responsibility, the Audit Committee receives periodic updates from management regarding our cybersecurity program. The updates may include information on, among other things, actual events or incidents, results of vulnerability assessments and penetration testing, results of security incident and event management monitoring, updates to the cybersecurity strategy and program, new or modified security policy recommendations, and cybersecurity risk in general. On at least an annual basis, management presents to the Audit Committee on cybersecurity strategy and framework, roadmaps for continued program maturity, key risk areas and related actions, and any significant incidents that have occurred or are reasonably likely to occur. The entire Board is invited to attend this annual cybersecurity meeting of the Audit Committee.
Cybersecurity Risk Role of Management [Text Block]
The Audit Committee of the Board is responsible for monitoring and overseeing risk management from cybersecurity threats. In accordance with the Audit Committee’s charter, the Audit Committee is responsible for oversight of our ERM program, which includes cyber risk management. It is the Audit Committee’s responsibility to review and discuss with management the adequacy and effectiveness of our cybersecurity policies and the internal controls regarding cybersecurity and privacy related areas. To satisfy this responsibility, the Audit Committee receives periodic updates from management regarding our cybersecurity program. The updates may include information on, among other things, actual events or incidents, results of vulnerability assessments and penetration testing, results of security incident and event management monitoring, updates to the cybersecurity strategy and program, new or modified security policy recommendations, and cybersecurity risk in general. On at least an annual basis, management presents to the Audit Committee on cybersecurity strategy and framework, roadmaps for continued program maturity, key risk areas and related actions, and any significant incidents that have occurred or are reasonably likely to occur. The entire Board is invited to attend this annual cybersecurity meeting of the Audit Committee.

Our Executive Leadership Team is responsible for managing enterprise risk, which is inclusive of cybersecurity. The Chief Information Officer (“CIO”), a member of the Executive Leadership Team, and the Chief Information Security Officer (“CISO”), who reports to the CIO, are responsible for assessing and managing cybersecurity risk, including the prevention, detection, mitigation, and remediation of cybersecurity incidents. The CIO has over 30 years of experience in Information Technology and Operations including executive-level experience within the consumer goods industry. The CISO possesses relevant expertise in cybersecurity, including 25 years in both IT and cybersecurity.
The cybersecurity team reports to the CISO and has responsibility to prevent, mitigate, detect, and remediate cybersecurity incidents through various processes. These processes include regular vulnerability assessments and penetration testing, security incident and event management, continuous monitoring, and threat intelligence gathering. Additionally, we employ several third parties with expertise in specific cybersecurity risk areas. These third parties report to the CISO, who actively engages with these third parties to monitor their activities and compliance with service level agreements. Through these activities and monitoring, both internally and externally, any events or incidents identified will be escalated to the Board in accordance with our formal Cybersecurity Incident Response Plan.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Executive Leadership Team is responsible for managing enterprise risk, which is inclusive of cybersecurity. The Chief Information Officer (“CIO”), a member of the Executive Leadership Team, and the Chief Information Security Officer (“CISO”), who reports to the CIO, are responsible for assessing and managing cybersecurity risk, including the prevention, detection, mitigation, and remediation of cybersecurity incidents. The CIO has over 30 years of experience in Information Technology and Operations including executive-level experience within the consumer goods industry. The CISO possesses relevant expertise in cybersecurity, including 25 years in both IT and cybersecurity.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CIO has over 30 years of experience in Information Technology and Operations including executive-level experience within the consumer goods industry. The CISO possesses relevant expertise in cybersecurity, including 25 years in both IT and cybersecurity
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Executive Leadership Team is responsible for managing enterprise risk, which is inclusive of cybersecurity. The Chief Information Officer (“CIO”), a member of the Executive Leadership Team, and the Chief Information Security Officer (“CISO”), who reports to the CIO, are responsible for assessing and managing cybersecurity risk, including the prevention, detection, mitigation, and remediation of cybersecurity incidents. The CIO has over 30 years of experience in Information Technology and Operations including executive-level experience within the consumer goods industry. The CISO possesses relevant expertise in cybersecurity, including 25 years in both IT and cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Our consolidated 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”).
Basis of Consolidation All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates

Our consolidated financial statements are prepared in accordance with U.S. GAAP. These accounting principles require 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, goodwill, indefinite-lived intangible assets, and useful lives assigned to long-lived assets.

Additionally, we are periodically exposed to various contingencies in the ordinary course of conducting our business, including certain litigation, contractual disputes, employee relations matters, various tax or other governmental audits, and trademark and intellectual property matters and disputes. We record a liability for such contingencies to the extent that we conclude their occurrence is probable and the related losses are estimable. If it is reasonably possible that an unfavorable settlement of a contingency could exceed the established liability, we disclose the estimated impact on our liquidity, financial condition, and results of operations, if practicable. As the ultimate resolution of contingencies is inherently unpredictable, these assessments can involve a series of complex judgments about future events including, but not limited to, court rulings, negotiations between affected parties, and governmental actions. As a result, the accounting for loss contingencies relies heavily on management’s judgment in developing the related estimates and assumptions. See Note 15 — Commitments and Contingencies and Note 17 — Legal Proceedings for additional information regarding our contingencies and legal proceedings.

To the extent there are differences between these estimates and actual results, our consolidated financial statements may be materially affected.
Reclassifications
Reclassifications

We have reclassified certain amounts on the consolidated statements of operations, consolidated statements of cash flows, Note 8 — Derivative Financial Instruments, and in Note 13 — Income Taxes to conform to current period presentation.
Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents represent cash and short-term, highly-liquid investments with maturities of three months or less at the date of purchase. We report receivables from credit card companies in cash and cash equivalents.
Accounts Receivable, Net
Accounts Receivable, Net

Accounts receivable are recorded at invoiced amounts, net of reserves and allowances. We reduce the carrying value for estimated uncollectible accounts based on a variety of factors including the length of time receivables are past due, economic
trends and conditions affecting our customer base, and historical collection experience. Specific provisions are recorded for individual receivables when we become aware of a customer’s inability to meet its financial obligations. We write off accounts receivable to the reserves when they are deemed uncollectible or, in certain jurisdictions, when legally able to do so.

The following table summarizes the changes in allowance doubtful accounts for the periods presented:
202520242023
(in thousands)
Beginning balance - January 1
$12,649 $13,627 $10,513 
Provision for (recovery of) doubtful accounts, net
(190)1,352 3,568 
Deductions (1)
(1,282)(2,330)(454)
Ending balance - December 31
$11,177 $12,649 $13,627 
(1) Deductions for allowance for doubtful accounts primarily include accounts written off.
Inventories
Inventories

Inventories are comprised of finished goods, are stated at the lower of cost or net realizable value, and are recognized using the first-in-first-out method of inventory costing. We estimate the market value of inventory based on an analysis of historical sales trends of our individual product lines, the impact of market trends and economic conditions, and a forecast of future demand, giving consideration to the value of current orders in-house for future sales of inventory, as well as plans to sell discontinued or end-of-life inventory through our outlet stores, among other off-price channels. Estimates may differ from actual results due to the quantity, quality, and mix of products in inventory, consumer and retailer preferences, and market conditions. If the estimated net realizable value is less than its carrying value, the carrying value is adjusted to the net realizable value, and the difference is recorded in ‘Cost of sales’ in our consolidated statements of operations.

Reserves for the risk of physical loss of inventory at retail stores are estimated based on historical experience and are adjusted based upon physical inventory counts, and they are recorded within ‘Cost of sales’ in our consolidated statements of operations.
Property and Equipment, Net
Property and Equipment, Net

Property, equipment, furniture, and fixtures are stated at original cost, less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful asset lives. The useful lives are reviewed periodically and typically range from 2 to 10 years for machinery and equipment and furniture, fixtures and others. Leasehold improvements are stated at cost and amortized on a straight-line basis over their estimated economic useful lives or the lease term, whichever is shorter. Costs of enhancements or modifications that substantially extend the capacity or useful life of an asset are capitalized and depreciated accordingly. Ordinary repairs and maintenance are expensed as incurred. Depreciation of warehouse- and distribution-related assets is included in ‘Cost of sales’ in our consolidated statements of operations. Depreciation related to retail store, corporate, and non-product assets is included in ‘Selling, general and administrative expenses’ in our consolidated statements of operations. When property is retired or otherwise disposed of, the cost and accumulated depreciation are removed from our consolidated balance sheets, and the resulting gain or loss, if any, is reflected in ‘Income from operations’ in the consolidated statements of operations.
Goodwill and Other Intangible Assets, Net
Goodwill and Other Intangible Assets, Net

We evaluate the carrying value of our goodwill and indefinite-lived intangible assets for impairment at the reporting unit level at least annually or when an interim triggering event has occurred indicating potential impairment. Any impairment recorded is reflected as a non-cash adjustment to net income (loss) within cash flows from operating activities in the consolidated statements of cash flows.

When performing our annual test for impairment, we may assess goodwill and indefinite-lived intangible assets for potential impairment using either a qualitative or quantitative assessment. Significant judgments and assumptions are required in such impairment evaluations. For the quantitative assessments, we compare the estimated fair values of the trademark and reporting unit with their respective carrying values. If the carrying value of the trademark or reporting unit exceeds its estimated fair value, an impairment charge is recorded.
We continuously monitor the performance of our definite-lived intangible assets, which includes software, customer relationships, patents, copyrights, and certain trademarks, and evaluate for impairment when evidence exists that certain events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. Significant judgments and assumptions are required in such impairment evaluations. Definite-lived intangible assets are stated at cost, less accumulated amortization. Amortization is recorded using the straight-line method over the estimated lives of the assets.

We amortize our customer relationships on a straight-line basis over a useful life of 15 years. Amortization for patents, copyrights, and trademarks is provided using the straight-line method over the estimated useful asset lives, which are reviewed periodically and typically range from 7 to 25 years.

Internal-Use Software and Cloud Computing Arrangements

We capitalize direct costs of materials and services used in the development and purchase of internal-use software. Amounts capitalized are amortized on a straight-line basis over a period of 2 to 8 years and are reported as a component of ‘Intangible assets, net’ in the consolidated balance sheets.

We also capitalize certain costs incurred during the application development stage of implementation of internal-use software in cloud computing arrangements. Amounts capitalized are amortized on a straight-line basis over the expected length of the related contract and are reported as a component of ‘Other assets’ in the consolidated balance sheets.

Amortization of capitalized software used in warehouse- and distribution-related activities is included in ‘Cost of sales’ in the consolidated statements of operations. Amortization related to corporate and non-product, assets, such as our global information systems, is included in ‘Selling, general, and administrative expenses’ in the consolidated statements of operations.
Restricted Cash
Restricted Cash

Restricted cash primarily consists of funds to secure certain retail store leases, certain customs requirements, and other contractual arrangements.
Leases
Leases

Our lease portfolio consists primarily of real estate assets, which includes retail, warehouse, distribution center, and office spaces, under operating leases expiring at various dates through 2037. Leases with an original term of twelve months or less are not reported in the consolidated balance sheets; expense for these short-term leases is recognized on a straight-line basis over the lease term.

Many leases include one or more options to renew, with renewal terms that, if exercised by us, may extend the lease term. The exercise of these renewal options is at our discretion. When assessing the likelihood of a renewal or termination, we consider the significance of leasehold improvements, availability of alternative locations, and the cost of relocation or replacement, among other factors. The depreciable lives of leasehold improvements are the shorter of the useful lives of the improvements or the expected lease term. We determine the lease term for each lease based on the terms of each contract and factor in renewal and early termination options if such options are reasonably certain to be exercised. We do not generally believe such options are reasonably certain, and therefore, we have excluded them from the recorded right-of-use assets and operating lease liabilities.

Due to our centralized treasury function, we utilize a portfolio approach to discount our lease obligations. We assess the expected lease term at lease inception and discount the lease using a fully-secured annual incremental borrowing rate, adjusted for time value corresponding with the expected lease term.
Certain of our retail store leases include rental payments based upon a percentage of retail sales in excess of a minimum fixed rental. In some cases, there is no fixed minimum rental, and the entire rental payment is based upon a percentage of sales. In addition, certain leases include rental payments adjusted periodically for changes in price level indices. We recognize expense for these types of payments as incurred and report them as variable lease expense. See Note 6 — Leases for additional information.
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 December 31, 2025, or 2024.

Our derivative instruments are recorded at fair value as a derivative asset or liability in the consolidated balance sheets within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ at December 31, 2025, and 2024. 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 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 provided by operating activities.’

As of December 31, 2025, 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 consolidated statements of operations.

We also have cash flow hedges (“hedged derivatives”) as of December 31, 2025. We are exposed to fluctuations in various foreign currencies against our functional currency, the USD. 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 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 consolidated statement of operations, which is consistent with the nature of the hedged transaction.

See Note 8 — Derivative Financial Instruments for further information on derivative financial instruments.
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss)
Our foreign subsidiaries generally use their foreign currency as their functional currency. Functional currency assets and liabilities are translated into USD using exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates during the period. Resulting translation gains and losses are reported in other comprehensive income (loss), until the substantial liquidation of a subsidiary, at which time accumulated translation gains or losses are reclassified into net income.
Revenues, Shipping and Handling Costs and Fees and Cost of Sales
Revenues

Revenues are recognized in the amount expected to be received in exchange for when control of the products transfers to customers and excludes various forms of promotions, which range from contractually-fixed percentage price reductions to sales returns, discounts, rebates, and other incentives that may vary in amount, must be estimated, and are reported as a reduction in revenues. Variable amounts are estimated based on an analysis of historical experience and adjusted as better estimates become
available. During the years ended December 31, 2025, 2024, and 2023, we recognized no changes to estimates for wholesale or direct-to-consumer revenues.

We have also elected to expense incremental costs to obtain customer contracts, consisting primarily of commission incentives, when incurred because the related amortization period is less than one year. These costs are reported within ‘Selling, general and administrative expenses’ in our consolidated statements of operations.

The following is a description of our principal revenue-generating activities by distribution channel. We have two reportable operating segments and sell our products using two primary distribution channels. For more detailed information about reportable operating segments, see Note 16 — Operating Segments and Geographic Information.

Wholesale Channel

For the majority of wholesale customers, control transfers and revenues are recognized when the product is shipped or delivered from a manufacturing facility or distribution center to the wholesale customer. In certain cases, control of the product transfers and revenues are recognized when the customer receives the product at the designated delivery point. For certain customers, primarily in international markets, cash payment is required in advance of delivery and revenues continue to be recognized upon the transfer of control to the customer. We may accept returns from our wholesale customers, on an exception basis, to ensure that our products are merchandised in the proper assortments and may provide markdown allowances at our sole discretion to key wholesalers and distributors to facilitate sales of slower moving products. Wholesale revenues are reduced by estimates of returns and allowances based on historical experience, and adjustments to our estimates are made when the expected value changes.

We have arrangements that grant certain wholesale customers exclusive licenses, concurrent with the terms of the related distribution agreements, to use our intellectual property in exchange for a sales-based royalty. Sales-based royalty revenues are recognized over the terms of the related license agreements as sales are made by the wholesalers.

Direct-to-Consumer Channel

Direct-to-consumer revenues consist of sales generated through our company-operated retail stores and company-operated e-commerce websites and third-party e-commerce marketplaces. We transfer control of products and recognize revenues at company-operated retail stores at the point of sale, in exchange for cash or other payment. For sales made through company-operated e-commerce websites and third-party e-commerce marketplaces, we transfer control and recognize revenues when the product is shipped from the distribution centers, the point at which payment, primarily through debit and credit card and other e-payment methods, is made. A portion of the transaction price charged to our customers is variable, primarily due to returns. When recognizing revenues, the amount of revenues associated with expected sales returns is estimated based on historical experience, and adjustments to our estimates are made when the most likely amount of consideration we expect to receive changes.

For additional information about revenues, see Note 11 — Revenues.

Shipping and Handling Costs and Fees

Shipping and handling costs are expensed as incurred and are included in ‘Cost of sales’ in the consolidated statements of operations. Shipping and handling fees billed to customers are included in revenues.
Cost of Sales

Our cost of sales includes costs incurred to design, produce, procure, and ship our footwear. These costs include our raw materials, both direct and indirect labor, shipping and handling including freight costs, utilities, maintenance costs, licensing fees, depreciation, amortization, packaging, and other warehouse and distribution overhead and costs.
Taxes Assessed by Governmental Authorities
Taxes Assessed by Governmental Authorities

Taxes assessed by governmental authorities that are directly imposed on a revenue transaction, including value added tax, are recorded on a net basis and are therefore excluded from revenues.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses

Selling, general and administrative expenses consist primarily of labor and outside services, rent expense, bad debt expense, legal costs, amortization of intangible assets, as well as certain depreciation costs related to corporate and non-product assets and share-based compensation. Selling, general and administrative expenses also include costs for our marketing and sales organizations, and other functions including finance, legal, human resources, and information technology.

Our selling, general and administrative expenses include media advertising (television, radio, print, social, digital), tactical advertising (signs, banners, point-of-sale materials), and promotional costs. Advertising production costs are expensed when the advertising is first run. Advertising communication costs are expensed in the periods that the communications occur. Certain of our promotional expenses result from payments under endorsement contracts. Endorsement-related expenses are recognized as performance is received over the term of each endorsement agreement.
Research, Design and Development Expenses
Research, Design and Development Expenses

We continue to dedicate resources to product design and development based on opportunities we identify in the marketplace. We incurred expenses of $29.6 million, $25.6 million, and $21.4 million in research, design, and development activities for the years ended December 31, 2025, 2024, and 2023, respectively, which are expensed as incurred and are reported in ‘Selling, general and administrative expenses’ in the consolidated statements of operations.
Share-Based Compensation
Share-Based Compensation

Restricted Stock Awards (“RSAs”) and Restricted Stock Units (“RSUs”)

We grant RSAs, service-condition RSUs, performance-condition RSUs, and market-condition RSUs. The grant date fair values of RSAs, service-condition RSUs, and performance-condition RSUs are based on the closing market price of our common stock on the grant date; the grant date fair value and derived service period of market-condition RSUs are estimated using a Monte Carlo simulation valuation model. Our service-condition RSUs vest based on continued service; our performance-condition RSUs vest based on achievement of the performance goals, certification of performance achievement by the Compensation Committee of the Board of Directors, and continued service; and our market-condition RSUs vest based on the achievement of weighted performance goals, to which a relative total shareholder return modifier will be applied, and continued service. Compensation expense, net of forfeitures, is recognized on a straight-line basis over the requisite service period. For performance-condition RSUs, compensation expense is updated for our expected performance level against performance goals at the end of each reporting period, which involves judgment as to the achievement of certain performance metrics.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets

Long-lived assets to be held and used are evaluated for impairment when events or circumstances indicate the carrying value of a long-lived asset or asset group is less than the undiscounted cash flows from its use and eventual disposition over its remaining economic life. We assess recoverability by comparing the sum of projected undiscounted cash flows from the use and eventual disposition over the remaining economic life of a long-lived asset or asset group to its carrying value, and record a loss from impairment if the carrying value is more than its undiscounted cash flows. For customer relationships, impairment testing is performed at the HEYDUDE Brand asset group level. For assets involved in our retail businesses, the asset group is at the retail store level. As retail store performance will vary in new and existing markets due to many factors, including maturity of the market and brand recognition, we periodically evaluate the fixed assets, leasehold improvements, and right-of-use assets related to our retail locations for impairment. For all other long-lived assets, we perform impairment testing at the asset group level for which separately identifiable cash flows are available. Assets or asset groups to be abandoned are written down to zero in the period it is determined they will no longer be used and are removed entirely from service. See Note 3 — Property and Equipment, Net, Note 4 — Goodwill and Intangible Assets, Net, and Note 6 — Leases for a discussion of impairment losses recorded during the periods presented.
Foreign Currency Gains (Losses), Net
Foreign Currency Gains (Losses), Net
Foreign currency gains (losses), net includes realized and unrealized foreign exchange gains and losses resulting from remeasurement and settlement of foreign-currency transactions denominated in a currency other than the functional currency of an entity and realized and unrealized gains and losses on forward foreign currency exchange derivative contracts that do not qualify for hedge accounting.
Other Income (Expense), Net
Other Income (Expense), Net

Other income (expense), net primarily includes gains and losses associated with activities not directly related to making and selling footwear.
Income Taxes
Income Taxes
Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of other assets and liabilities. We provide for income taxes at the current and future enacted tax rates and laws applicable in each taxing jurisdiction. We account for the tax effects of global intangible low-taxed income (“GILTI”) as a component of income tax expense in the period the tax arises, to the extent applicable. We use a two-step approach for recognizing and measuring tax benefits taken or expected to be taken in a tax return and disclosures regarding uncertainties in income tax positions. We recognize interest and penalties related to income tax matters in income tax expense in the consolidated statements of operations.
Earnings per Share
Earnings per Share
Basic and diluted earnings per common share (“EPS”) is presented using the treasury stock method. Diluted EPS reflects the potential dilution to common shareholders from securities that could share in our earnings and is calculated by adjusting weighted average outstanding shares, assuming conversion of all potentially dilutive stock options and awards. Anti-dilutive securities are excluded from diluted EPS.
Fair Value
Fair Value

U.S. GAAP for fair value establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). We utilize a combination of market and income approaches to value derivative instruments. Our financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels of the hierarchy and the related inputs are as follows:
LevelInputs
1Unadjusted quoted prices in active markets for identical assets and liabilities.
2Unadjusted quoted prices in active markets for similar assets and liabilities;
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or
Inputs other than quoted prices that are observable for the asset or liability.
3Unobservable inputs for the asset or liability.

We categorize fair value measurements within the fair value hierarchy based upon the lowest level of the most significant inputs used to determine fair value.

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. However, on a periodic basis or whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial instruments are assessed for impairment and, if applicable, written down to and recorded at fair value. See Note 7 — Fair Value Measurements for further discussion related to estimated fair value measurements.
Non-Financial Assets and Liabilities

Our non-financial assets, which primarily consist of property and equipment, right-of-use assets, goodwill, trademarks, customer relationships, and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value.
New Accounting Pronouncement Adopted and Not Yet Adopted
New Accounting Pronouncement Adopted

Income Taxes: Improvements to Income Tax Disclosure

In December 2023, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance related to the disclosure of rate reconciliation and income taxes paid. This guidance became effective for annual periods beginning after December 15, 2024 and allows for prospective or retrospective adoption. We adopted on a prospective basis. The standard has been adopted and the rate reconciliation and cash paid for income taxes, net of refunds, have been updated within the notes to our consolidated financial statements. There is not a material impact on our consolidated financial statements. See Note 13 — Income Taxes for additional information regarding our tax disclosures.

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 December 31, 2025, are not expected to have a material impact on our consolidated financial statements.
v3.25.4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Accounts Receivable, Allowance for Credit Loss
The following table summarizes the changes in allowance doubtful accounts for the periods presented:
202520242023
(in thousands)
Beginning balance - January 1
$12,649 $13,627 $10,513 
Provision for (recovery of) doubtful accounts, net
(190)1,352 3,568 
Deductions (1)
(1,282)(2,330)(454)
Ending balance - December 31
$11,177 $12,649 $13,627 
(1) Deductions for allowance for doubtful accounts primarily include accounts written off.
Fair Value Measurements, Valuation Techniques The three levels of the hierarchy and the related inputs are as follows:
LevelInputs
1Unadjusted quoted prices in active markets for identical assets and liabilities.
2Unadjusted quoted prices in active markets for similar assets and liabilities;
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or
Inputs other than quoted prices that are observable for the asset or liability.
3Unobservable inputs for the asset or liability.
v3.25.4
PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment and Depreciation Expense
‘Property and equipment, net’ consists of the following:
 December 31,
 20252024
 (in thousands)
Machinery and equipment$204,034 $190,134 
Leasehold improvements190,436 156,091 
Furniture, fixtures, and other50,433 40,702 
Construction-in-progress3,161 10,863 
Property and equipment448,064 397,790 
Less: Accumulated depreciation and amortization(209,873)(153,455)
Property and equipment, net$238,191 $244,335 
Depreciation and amortization expense related to property and equipment, reported in ‘Cost of sales’ and ‘Selling, general and administrative expenses’ was:
Year Ended December 31,
202520242023
(in thousands)
Cost of sales$21,866 $20,673 $18,809 
Selling, general and administrative expenses33,845 26,233 12,876 
Total depreciation and amortization expense$55,711 $46,906 $31,685 
v3.25.4
GOODWILL AND INTANGIBLE ASSETS, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in goodwill for the years ended December 31, 2025, and 2024, were:
Goodwill
Crocs Brand
HEYDUDE Brand
Total
(in thousands)
Net Goodwill at December 31, 2023$1,553 $710,035 $711,588 
Changes during the year ended December 31, 2024
Foreign currency translation(96)(1)(97)
Impairment— — — 
Gross goodwill at December 31, 20242,226 710,034 712,260 
Accumulated impairment(769)— (769)
Net goodwill at December 31, 20241,457 710,034 711,491 
Changes during the year ended December 31, 2025
Foreign currency translation198 — 198 
Impairment— (307,000)(307,000)
Gross goodwill at December 31, 20252,424 710,034 712,458 
Accumulated impairment(769)(307,000)(307,769)
Net goodwill at December 31, 2025$1,655 $403,034 $404,689 
Schedule of Intangible Assets, net
‘Intangible assets, net’ reported in the consolidated balance sheets consist of the following:
December 31, 2025December 31, 2024
Gross
Accumulated Amortization
Accumulated Impairment
NetGrossAccumulated AmortizationAccumulated ImpairmentNet
(in thousands)
Intangible assets subject to amortization:
Capitalized software$145,954 $(126,000)$— $19,954 $139,569 $(117,001)$— $22,568 
Customer relationships210,000 (54,250)— 155,750 210,000 (40,250)— 169,750 
Patents, copyrights, and trademarks9,767 (4,240)— 5,527 4,916 (3,791)— 1,125 
Intangible assets not subject to amortization:
HEYDUDE trademark1,570,000 — (430,000)1,140,000 1,570,000 — — 1,570,000 
In progress2,676 — — 2,676 12,644 — — 12,644 
Other773 — — 773 993 — — 993 
Total$1,939,170 $(184,490)$(430,000)$1,324,680 $1,938,122 $(161,042)$— $1,777,080 
Schedule of Intangible Asset Amortization Expense
Amortization expense related to definite-lived intangible assets, reported in ‘Cost of sales’ and ‘Selling, general and administrative expenses’ was:
Year Ended December 31,
202520242023
(in thousands)
Cost of sales$2,223 $2,395 $3,080 
Selling, general and administrative expenses21,348 20,539 19,539 
Total amortization expense$23,571 $22,934 $22,619 
Schedule of Future Amortization of Intangible Assets
Estimated future annual amortization expense of intangible assets is:
As of
December 31, 2025

(in thousands)
2026$22,507 
202720,409 
202818,486 
202916,696 
203014,889 
Thereafter88,244 
Total$181,231 
v3.25.4
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
Amounts reported in ‘Accrued expenses and other liabilities’ in the consolidated balance sheets were:
December 31,
20252024
 (in thousands)
Accrued compensation and benefits$88,242 $81,265 
Professional services53,331 64,683 
Fulfillment, freight, and duties39,720 38,752 
Return liabilities37,960 34,255 
Sales/use and value added taxes payable23,068 17,330 
Other58,638 61,783 
Total accrued expenses and other liabilities$300,959 $298,068 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Rights-of-use Assets and Operating Lease Liabilities
Amounts reported in the consolidated balance sheets were:
December 31,
20252024
(in thousands)
Assets:
Right-of-use assets$338,669 $307,228 
Liabilities:
Current operating lease liabilities$85,772 $68,551 
Long-term operating lease liabilities297,192 283,406 
Total operating lease liabilities$382,964 $351,957 
Schedule of Lease Costs and Other Information
Lease-related costs reported within ‘Cost of sales’ and ‘Selling, general and administrative expenses’ were:
Year Ended December 31,
20252024
(in thousands)
Operating lease cost$104,313 $85,130 
Short-term lease cost11,455 12,051 
Variable lease cost45,405 48,402 
Total lease costs$161,173 $145,583 
Schedule of Maturities of Operating Lease Liabilities
The maturities of our operating lease liabilities were:
As of
December 31, 2025
(in thousands)
2026$98,450 
202791,560 
202873,371 
202958,487 
203043,158 
Thereafter95,745 
Total future minimum lease payments460,771 
Less: imputed interest(77,807)
Total operating lease liabilities$382,964 
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Company's Notes Payable The carrying values and fair values of our borrowing instruments as of December 31, 2025, and 2024, were:
December 31, 2025December 31, 2024
Carrying ValueFair
Value		Carrying ValueFair
Value
(in thousands)
Term Loan B Facility$500,000 $504,063 $500,000 $503,125 
2029 Notes350,000 339,304 350,000 323,780 
2031 Notes350,000 323,971 350,000 305,610 
Revolving Facility62,000 62,000 190,000 190,000 
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 ‘Goodwill impairment’ and ‘Asset impairments’ in our consolidated statements of operations as follows:
Year Ended December 31,
 202520242023
 (in thousands)
Indefinite-lived trademark impairment (1)
$430,000 $— $— 
Goodwill impairment (1)
307,000 — — 
Information technology systems impairment (2)
1,115 18,172 — 
Leasehold improvement assets impairment (3)
— — 1,007 
Right-of-use assets impairment (3) (4)
— 5,909 8,280 
Total asset impairments$738,115 $24,081 $9,287 
(1) During the year ended December 31, 2025, we recognized impairment charges of $430.0 million and $307.0 million related to our indefinite-lived HEYDUDE trademark and HEYDUDE Brand reporting unit goodwill, respectively. Refer to Note 3 — Goodwill and Intangible Assets, Net for additional information.
(2) During the year ended December 31, 2025, we recognized an impairment of $1.1 million related to the discontinuation of an information technology project. During the year ended December 31, 2024, we recognized an impairment charge for information technology systems related to the HEYDUDE integration of $17.4 million to prepaid assets and $0.8 million to intangible assets.
(3) During the year ended December 31, 2023, we recognized an impairment of $9.3 million for our former corporate headquarters in Broomfield, Colorado.
(4) During the year ended December 31, 2024, we recognized an impairment of $5.5 million for our former HEYDUDE Brand warehouses in Las Vegas, Nevada, and $0.4 million for our former Crocs Brand warehouse in Oudenbosch, the Netherlands.
v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
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, are reported within either ‘Prepaid expenses and other assets’ or ‘Accrued expenses and other liabilities’ in the consolidated balance sheets and were:
December 31, 2025December 31, 2024
Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
(in thousands)
Non-hedged derivatives:
Forward foreign currency exchange contracts$888 $(291)$2,691 $(3,433)
Hedged derivatives:
Cash flow foreign currency contracts109 (961)1,242 (856)
Total derivatives997 (1,252)3,933 (4,289)
Netting of counterparty contracts(268)268 (2,762)2,762 
Total derivatives, net of counterparty contracts$729 $(984)$1,171 $(1,527)
Schedule of Derivative Financial Instruments Notional Amounts on Outstanding Positions
The notional amounts of outstanding forward foreign currency exchange contracts shown below report the total U.S. Dollar equivalent position and the net contract fair values for each foreign currency position.
December 31, 2025December 31, 2024
NotionalFair ValueNotionalFair Value
(in thousands)
Non-hedged derivatives:
British Pound Sterling$69,908 $(154)$28,223 $536 
South Korean Won18,690 257 9,274 655 
Euro12,712 18 49,833 (1,303)
Brazilian Real12,026 28 — — 
Japanese Yen7,882 354 5,510 289 
Canadian Dollar (1)
4,938 94 5,579 (221)
Singapore Dollar— — 31,524 (1,251)
Other currencies (1)
— — 19,528 553 
Total non-hedged derivatives126,156 597 149,471 (742)
Hedged derivatives:
Euro39,909 (279)17,246 628 
South Korean Won23,963 (494)8,790 614 
Japanese Yen9,342 109 — — 
British Pound Sterling7,931 (82)23,678 (303)
Chinese Yuan— — 40,458 (553)
Australian Dollar7,677 (46)— — 
Canadian Dollar7,595 (60)— — 
Total hedged derivatives96,417 (852)90,172 386 
Total derivatives$222,573 $(255)$239,643 $(356)
Latest maturity date, non-hedged derivativesJanuary 2026January 2025
Latest maturity date, hedged derivativesDecember 2026October 2025
(1) Amounts as of December 31, 2024, have been reclassified to conform to current period presentation.
Schedule of Gains / Losses from Foreign Currency Transactions and Derivative Contracts
Amounts reported in ‘Foreign currency gains (losses), net’ in the consolidated statements of operations include both realized and unrealized gains (losses) from foreign currency transactions and derivative contracts and were as follows:
Year Ended December 31,
 202520242023
 (in thousands)
Foreign currency transaction gains (losses)
$8,704 $(4,693)$(1,992)
Foreign currency forward exchange contracts gains (losses)
1,139 (2,084)752 
Foreign currency gains (losses), net
$9,843 $(6,777)$(1,240)
v3.25.4
BORROWINGS (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Other Term Borrowings
Our long-term borrowings were as follows:
Stated Interest RateEffective Interest RateDecember 31,
Maturity20252024
(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 Facility202762,000 190,000 
Total face value of long-term borrowings1,262,000 1,390,000 
Less:
Unamortized issuance costs31,115 40,661 
Total long-term borrowings$1,230,885 $1,349,339 
v3.25.4
REVENUES (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues by Channel and Brand
Revenues by reportable operating segment and by channel were:
Year Ended December 31,
202520242023
Crocs Brand:
North America:
Wholesale$584,677 $644,511 $652,943 
Direct-to-consumer1,124,958 1,188,911 1,124,942 
Total North America (1)
1,709,635 1,833,422 1,777,885 
International:
Wholesale1,014,697 963,035 840,594 
Direct-to-consumer601,475 481,510 394,475 
Total International1,616,172 1,444,545 1,235,069 
Total Crocs Brand$3,325,807 $3,277,967 $3,012,954 
Crocs Brand:
Total Wholesale$1,599,374 $1,607,546 $1,493,537 
Total Direct-to-consumer1,726,433 1,670,421 1,519,417 
Total Crocs Brand3,325,807 3,277,967 3,012,954 
HEYDUDE Brand:
Wholesale336,325 456,472 566,937 
Direct-to-consumer378,515 367,669 382,456 
Total HEYDUDE Brand (2)
714,840 824,141 949,393 
Total consolidated revenues$4,040,647 $4,102,108 $3,962,347 
(1) North America includes the United States and Canada.
(2) The vast majority of HEYDUDE Brand revenues are derived from North America.
v3.25.4
SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule Of Stock Option Activity
Stock option activity during the year ended December 31, 2025, was:
Number of OptionsWeighted Average Exercise PriceWeighted Average Contractual Life (Years)Aggregate Intrinsic Value
(in thousands, except exercise price and years)
Outstanding as of December 31, 2024
200 $6.98 2.42$20,510 
Granted— — 
Exercised— — 
Forfeited or expired— — 
Outstanding as of December 31, 2025
200 $6.98 1.42$15,314 
Exercisable at December 31, 2025
200 $6.98 1.42$15,314 
Vested at December 31, 2025
200 $6.98 1.42$15,314 
Schedule Of Restricted Stock Award And Restricted Stock Unit Activity
RSA and RSU activity during the year ended December 31, 2025, was:
Restricted Stock AwardsRestricted Stock Units
SharesWeighted Average Grant Date Fair ValueSharesWeighted Average Grant Date Fair Value
(in thousands, except fair value data)
Unvested at December 31, 2024
2 $148.72 1,000 $110.82 
Granted7 105.15 915 96.59 
Vested(5)120.40 (276)109.66 
Forfeited— — (272)117.95 
Unvested at December 31, 2025
4 $105.15 1,367 $100.11 
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The following table sets forth income before taxes and the expense for income taxes:
 Year Ended December 31,
 2025
2024
2023
 (in thousands)
Income before taxes:  
U.S. $(6,474)$217,429 $309,098 
Foreign79,452 693,156 567,174 
Total income before taxes$72,978 $910,585 $876,272 
Income tax expense (benefit):
Current income taxes:
U.S. federal$51,449 $98,137 $85,075 
U.S. state11,436 18,005 21,884 
Foreign44,198 98,826 387,066 
Total current income taxes107,083 214,968 494,025 
Deferred income taxes:
U.S. federal(25,866)(8,393)(12,873)
U.S. state(10,805)(797)(1,662)
Foreign83,764 (245,264)(395,784)
Total deferred income taxes47,093 (254,454)(410,319)
Total income tax expense (benefit)
$154,176 $(39,486)$83,706 
Schedule of Tax Expense and Effective Tax Rates
The following table sets forth income reconciliations of the statutory federal income tax rate to actual rates based on income or loss before income taxes, reflecting the adoption of new accounting guidance. A subsequent table below provides the corresponding information for the prior year before the adoption of new accounting guidance and is provided for comparative purposes only.
Year Ended December 31,
2025
(in thousands)
Income tax expense and rate attributable to:
Federal income tax rate$15,326 21.0 %
State income tax rate, net of federal benefit (1)
(386)(0.5)%
Foreign tax effects
Netherlands
Statutory tax rate difference between Netherlands and United States17,094 23.3 %
HEYDUDE trademark and HEYDUDE goodwill impairment
7,598 10.4 %
Foreign tax credits(17,323)(23.7)%
Non-deductible/non-taxable items58,571 80.3 %
Other854 1.2 %
China
Withholding taxes11,828 16.2 %
Other (2,721)(3.7)%
Malta(47,361)(65.0)%
Other foreign Jurisdictions
Change in valuation allowance79,375 108.8 %
HEYDUDE trademark and HEYDUDE goodwill impairment
23,700 32.5 %
Withholding taxes20,622 28.3 %
Other3,338 4.6 %
Effects of Cross-Border Tax Laws:
Global Intangible Low-Taxed Income10,277 14.1 %
Other(239)(0.3)%
Tax Credits(3,602)(4.9)
Change in valuation allowance (16,202)(22.2)%
Non-deductible/non-taxable items3,737 5.1 %
HEYDUDE trademark and HEYDUDE goodwill impairment
33,171 45.5 %
Uncertain tax positions (44,483)(61.0)%
Other1,002 1.3 %
Effective income tax expense and rate$154,176 211.3 %
(1) State taxes in California, Colorado, Florida, Indiana, Massachusetts, Ohio, and Tennessee made up the majority (greater than 50 percent) of the tax effect in this category.
 Year Ended December 31,
 20242023
 (in thousands)
Income tax expense and rate attributable to:
Federal income tax rate$191,223 21.0 %$184,017 21.0 %
State income tax rate, net of federal benefit
13,301 1.5 %16,854 1.9 %
Foreign income tax rate differential(34,166)(3.8)%31,495 3.6 %
Global Intangible Low-Taxed Income, net
61,440 6.6 %44,003 5.0 %
Non-deductible/non-taxable items
(12,028)(1.3)%(1,129)(0.1)%
Change in valuation allowance58,861 6.5 %156,312 17.8 %
U.S. tax on foreign earnings12,684 1.4 %1,752 0.2 %
Foreign tax credits(98,551)(10.8)%(55,648)(6.4)%
Research and development credits(9,903)(1.1)%(6,754)(0.8)%
Uncertain tax positions50,193 5.5 %330,819 37.8 %
Share-based compensation(1,157)(0.1)%(2,097)(0.2)%
Intra-entity IP transactions
(271,700)(29.8)%(611,403)(69.8)%
Other317 0.1 %(4,515)(0.4)%
Effective income tax expense and rate$(39,486)(4.3)%$83,706 9.6 %
Schedule of Cash Flow, Supplemental Disclosures
The following tables set forth cash paid for income taxes, net of refunds, reflecting the adoption of ASU 2023-09. A subsequent table below provides the corresponding information for the prior years before the adoption of ASU 2023-09 and is provided for comparative purposes only.
 
Year Ended December 31,
2025
(in thousands)
Cash paid for income taxes, net of refunds:
Federal$81,458 
State13,186 
Foreign
China15,584 
Netherlands40,605 
Other foreign34,233 
Total$185,066 

Year Ended December 31,
20242023
(in thousands)
Cash paid for income taxes, net of refunds (1)
$122,678 $176,564 
(1) During the year ended December 31, 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 years ended December 31, 2024, and 2023, have been recast to conform to current period presentation.
Schedule of Deferred Tax Assets and Liabilities
Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table sets forth deferred income tax assets and liabilities as of the date shown:
 December 31,
 20252024
 (in thousands)
Non-current deferred tax assets:  
Share-based compensation expense$4,727 $4,081 
Accruals, reserves, and other expenses12,302 22,974 
Net operating loss311,741 65,776 
Intangible assets832,144 918,000 
Foreign tax credit65,268 49,027 
Operating lease liabilities77,131 75,396 
Unrealized loss on foreign currency
— 59,111 
Other
55,797 48,866 
Valuation allowance(300,379)(241,568)
Total non-current deferred tax assets$1,058,731 $1,001,663 
Non-current deferred tax liabilities:
Unrealized gain on foreign currency
(1,254)— 
Property and equipment(17,744)(25,896)
Right-of-use assets(65,551)(63,782)
Intangible assets(38,561)(42,409)
Other(1,449)(1,313)
Total non-current deferred tax liabilities$(124,559)$(133,400)
Schedule of Unrecognized Tax Benefits Roll Forward
The following table sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefits:
 Year Ended December 31,
 202520242023
 (in thousands)
Unrecognized tax benefit as of January 1$582,228 $556,482 $219,363 
Additions in tax positions taken in prior period1,522 9,855 3,690 
Reductions in tax positions taken in prior period(14,624)(147,561)(7)
Additions in tax positions taken in current period72,177 184,184 325,058 
Settlements(34,840)— — 
Lapse of statute of limitations(9,585)(366)(148)
Cumulative foreign currency translation adjustment40,095 (20,366)8,526 
Unrecognized tax benefit as of December 31$636,973 $582,228 $556,482 
v3.25.4
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Share
Basic and diluted EPS for the years ended December 31, 2025, 2024, and 2023, were as follows: 
Year Ended December 31,
202520242023
(in thousands, except per share data)
Numerator:
Net income attributable to common stockholders
$(81,198)$950,071 $792,566 
Denominator:   
Weighted average common shares outstanding - basic54,208 59,381 61,386 
Plus: Dilutive effect of stock options and unvested restricted stock units
— 451 566 
Weighted average common shares outstanding - diluted
54,208 59,832 61,952 
Net income per common share:
Basic$(1.50)$16.00 $12.91 
Diluted$(1.50)$15.88 $12.79 
v3.25.4
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Information Related to Reportable Operating Segments
The following tables set forth information related to reportable operating segments:
Year Ended December 31,
202520242023
(in thousands)
Crocs Brand:
Revenues$3,325,807 $3,277,967 $3,012,954 
Cost of sales
1,287,447 1,258,727 1,205,670 
Selling, general and administrative expenses
926,681 837,228 727,954 
Income from operations (1)
1,111,679 1,182,012 1,079,330 
HEYDUDE Brand:
Revenues
714,840 824,141 949,393 
Cost of sales
394,805 430,893 531,414 
Selling, general and administrative expenses
251,890 250,406 205,593 
Asset impairments737,000 5,441 — 
Income from operations (1)
(668,855)137,401 212,386 
Total segment income from operations
$442,824 $1,319,413 $1,291,716 
Reconciliation of segment income from operations to income before income taxes:
Enterprise corporate costs (1)
(293,309)(297,502)(254,933)
Foreign currency gains (losses), net9,843 (6,777)(1,240)
Interest income1,844 3,484 2,406 
Interest expense(88,287)(109,264)(161,351)
Other income (expense), net63 1,231 (326)
Income before income taxes$72,978 $910,585 $876,272 
Depreciation and amortization: (2)
Crocs Brand
$40,387 $35,165 $31,950 
HEYDUDE Brand
23,151 19,353 14,200 
Enterprise corporate15,744 15,322 8,154 
Total consolidated depreciation and amortization$79,282 $69,840 $54,304 
(1) In the first quarter of 2024, to reflect a change in the way management evaluates segment performance, makes operating decisions, and allocates resources, we made changes to segment profitability related to certain foreign currency amounts impacting cost of sales. These amounts have shifted costs or benefits that were previously presented in each of our reportable segments to ‘Enterprise corporate.’ We believe that the impact of these changes on prior periods is insignificant to each segment and thus have not recast prior periods.
(2) 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.’
There were no customers who represented 10% or more of consolidated revenues during the years ended December 31, 2025, 2024, and 2023. The following table sets forth certain geographical information regarding our consolidated revenues for the periods as shown:
 Year Ended December 31,
 202520242023
 (in thousands)
Location:   
United States$2,260,656 $2,482,218 $2,573,663 
International (1)
1,779,518 1,619,890 1,388,684 
Total revenues$4,040,647 $4,102,108 $3,962,347 
(1) No individual international country represented 10% or more of consolidated revenues in any of the years presented.


The following table sets forth geographical information regarding property and equipment assets as of the dates shown:
 December 31,
 20252024
 (in thousands)
Location:  
United States$194,714 $205,166 
International (1)
43,477 39,169 
Total property and equipment, net$238,191 $244,335 
(1) As of December 31, 2025, and 2024, property and equipment, net in the Netherlands represented approximately 10% of consolidated property and equipment, net, comprised primarily of property and equipment related to the distribution center in Dordrecht. No other individual international country represented 10% or more of consolidated property and equipment, net in any of the years presented.
v3.25.4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
renewal_options
distribution_channel
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Related Party Transaction [Line Items]      
Number of reportable segments | segment 2    
Number of operating Segments | segment 2    
Number of renewal options (or more) | renewal_options 1    
Number of distribution channels | distribution_channel 2    
Marketing expenses, including advertising, production, promotion, and agency expenses $ 393,700,000 $ 377,500,000 $ 317,400,000
Research, design and development expense 29,600,000 25,600,000 21,400,000
Change in Estimate of Product Transfers | Wholesale      
Related Party Transaction [Line Items]      
Increase (decrease) in revenues $ 0 $ 0 $ 0
Customer relationships      
Related Party Transaction [Line Items]      
Intangible asset useful life 15 years    
Minimum | Patents, copyrights, and trademarks      
Related Party Transaction [Line Items]      
Intangible asset useful life 7 years    
Minimum | Capitalized software      
Related Party Transaction [Line Items]      
Intangible asset useful life 2 years    
Minimum | Machinery and equipment      
Related Party Transaction [Line Items]      
Property and equipment useful life 2 years    
Minimum | Furniture, fixtures, and other      
Related Party Transaction [Line Items]      
Property and equipment useful life 2 years    
Maximum | Patents, copyrights, and trademarks      
Related Party Transaction [Line Items]      
Intangible asset useful life 25 years    
Maximum | Capitalized software      
Related Party Transaction [Line Items]      
Intangible asset useful life 8 years    
Maximum | Machinery and equipment      
Related Party Transaction [Line Items]      
Property and equipment useful life 10 years    
Maximum | Furniture, fixtures, and other      
Related Party Transaction [Line Items]      
Property and equipment useful life 10 years    
v3.25.4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Doubtful Accounts (Details) - Allowance for doubtful accounts - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 12,649 $ 13,627 $ 10,513
Provision for (recovery of) doubtful accounts, net (190) 1,352 3,568
Deductions (1,282) (2,330) (454)
Balance at End of Period $ 11,177 $ 12,649 $ 13,627
v3.25.4
PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, plant and equipment [Line Items]    
Property and equipment $ 448,064 $ 397,790
Less: Accumulated depreciation and amortization (209,873) (153,455)
Property and equipment, net 238,191 244,335
Machinery and equipment    
Property, plant and equipment [Line Items]    
Property and equipment 204,034 190,134
Leasehold improvements    
Property, plant and equipment [Line Items]    
Property and equipment 190,436 156,091
Furniture, fixtures, and other    
Property, plant and equipment [Line Items]    
Property and equipment 50,433 40,702
Construction-in-progress    
Property, plant and equipment [Line Items]    
Property and equipment $ 3,161 $ 10,863
v3.25.4
PROPERTY AND EQUIPMENT, NET - Schedule of Depreciation and Amortization Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, plant and equipment [Line Items]      
Total depreciation and amortization expense $ 55,711 $ 46,906 $ 31,685
Cost of sales      
Property, plant and equipment [Line Items]      
Total depreciation and amortization expense 21,866 20,673 18,809
Selling, general and administrative expenses      
Property, plant and equipment [Line Items]      
Total depreciation and amortization expense $ 33,845 $ 26,233 $ 12,876
v3.25.4
PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Net losses on disposal of property and equipment and intangible assets $ 1.1 $ 1.0 $ 0.4
v3.25.4
GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Goodwill [Line Items]        
Impairment of indefinite lived asset   $ 430,000 $ 0  
Goodwill impairment $ 307,000 $ 307,000 $ 0 $ 0
Weighted average remaining useful life of intangible assets   13 years 9 months 18 days    
HEYDUDE trademark        
Goodwill [Line Items]        
Impairment of indefinite lived asset   $ 430,000    
HEYDUDE trademark | Measurement Input, Revenue Multiple        
Goodwill [Line Items]        
Measurement input 0.08      
HEYDUDE trademark | Measurement Input, EBITDA Multiple        
Goodwill [Line Items]        
Measurement input 0.20      
HEYDUDE trademark | Measurement Input, Discount Rate        
Goodwill [Line Items]        
Measurement input 0.150      
v3.25.4
GOODWILL AND INTANGIBLE ASSETS, NET - Changes in Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]        
Gross goodwill   $ 712,458 $ 712,260  
Accumulated impairment   (307,769) (769)  
Goodwill [Roll Forward]        
Net goodwill, beginning   711,491 711,588  
Foreign currency translation   198 (97)  
Goodwill impairment $ (307,000) (307,000) 0 $ 0
Net goodwill, ending   404,689 711,491 711,588
Crocs Brand        
Goodwill [Line Items]        
Gross goodwill   2,424 2,226  
Accumulated impairment   (769) (769)  
Goodwill [Roll Forward]        
Net goodwill, beginning   1,457 1,553  
Foreign currency translation   198 (96)  
Goodwill impairment   0 0  
Net goodwill, ending   1,655 1,457 1,553
HEYDUDE Brand        
Goodwill [Line Items]        
Gross goodwill   710,034 710,034  
Accumulated impairment   (307,000) 0  
Goodwill [Roll Forward]        
Net goodwill, beginning   710,034 710,035  
Foreign currency translation   0 (1)  
Goodwill impairment   (307,000) 0  
Net goodwill, ending   $ 403,034 $ 710,034 $ 710,035
v3.25.4
GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization $ (184,490) $ (161,042)
Total 181,231  
Impairment of indefinite lived asset (430,000) 0
Intangible assets, gross 1,939,170 1,938,122
Intangible assets, net 1,324,680 1,777,080
HEYDUDE trademark    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 1,140,000  
Indefinite-lived intangible assets 1,570,000 12,644
Impairment of indefinite lived asset (430,000)  
In progress    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 2,676 1,570,000
Other    
Finite-Lived Intangible Assets [Line Items]    
Indefinite-lived intangible assets 773 993
Capitalized software    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount of finite-lived intangible assets 145,954 139,569
Accumulated amortization (126,000) (117,001)
Total 19,954 22,568
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount of finite-lived intangible assets 210,000 210,000
Accumulated amortization (54,250) (40,250)
Total 155,750 169,750
Patents, copyrights, and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross carrying amount of finite-lived intangible assets 9,767 4,916
Accumulated amortization (4,240) (3,791)
Total $ 5,527 $ 1,125
v3.25.4
GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Intangible Asset Amortization Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Total amortization expense $ 23,571 $ 22,934 $ 22,619
Cost of sales      
Finite-Lived Intangible Assets [Line Items]      
Total amortization expense 2,223 2,395 3,080
Selling, general and administrative expenses      
Finite-Lived Intangible Assets [Line Items]      
Total amortization expense $ 21,348 $ 20,539 $ 19,539
v3.25.4
GOODWILL AND INTANGIBLE ASSETS, NET - Schedule Of Future Amortization Of Intangible Assets (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 22,507
2027 20,409
2028 18,486
2029 16,696
2030 14,889
Thereafter 88,244
Total $ 181,231
v3.25.4
ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued compensation and benefits $ 88,242 $ 81,265
Professional services 53,331 64,683
Fulfillment, freight, and duties 39,720 38,752
Return liabilities 37,960 34,255
Sales/use and value added taxes payable 23,068 17,330
Other 58,638 61,783
Total accrued expenses and other liabilities $ 300,959 $ 298,068
v3.25.4
LEASES - Schedule of Rights-of-use Assets and Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Right-of-use assets $ 338,669 $ 307,228
Liabilities:    
Current operating lease liabilities 85,772 68,551
Long-term operating lease liabilities 297,192 283,406
Total operating lease liabilities $ 382,964 $ 351,957
v3.25.4
LEASES - Schedule of Lease Costs and Other Information) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 104,313 $ 85,130 $ 79,543
Short-term lease cost 11,455 12,051  
Variable lease cost 45,405 48,402  
Total lease costs $ 161,173 $ 145,583  
v3.25.4
LEASES - Narrative (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Weighted average remaining lease term (in years) 5 years 6 months 6 years 2 months 12 days
Weighted average discount rate (in percent) 6.60% 6.50%
v3.25.4
LEASES - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 98,450  
2027 91,560  
2028 73,371  
2029 58,487  
2030 43,158  
Thereafter 95,745  
Total future minimum lease payments 460,771  
Less: imputed interest (77,807)  
Total operating lease liabilities $ 382,964 $ 351,957
v3.25.4
FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities at Fair Value (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Carrying Value | Line of Credit | Term Loan B Facility    
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]    
Outstanding borrowings $ 500,000 $ 500,000
Carrying Value | Line of Credit | Revolving Facility    
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]    
Outstanding borrowings 62,000 190,000
Carrying Value | 2029 Notes | Senior Notes    
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]    
Outstanding borrowings 350,000 350,000
Carrying Value | 2031 Notes | Senior Notes    
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]    
Outstanding borrowings 350,000 350,000
Fair Value | Line of Credit | Term Loan B Facility    
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]    
Outstanding borrowings 504,063 503,125
Fair Value | Line of Credit | Revolving Facility    
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]    
Outstanding borrowings 62,000 190,000
Fair Value | 2029 Notes | Senior Notes    
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]    
Outstanding borrowings 339,304 323,780
Fair Value | 2031 Notes | Senior Notes    
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]    
Outstanding borrowings $ 323,971 $ 305,610
v3.25.4
FAIR VALUE MEASUREMENTS - Impairments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]        
Impairment of indefinite lived asset   $ 430,000 $ 0  
Goodwill impairment $ 307,000 307,000 0 $ 0
Total asset impairments   738,115 24,081 9,287
HEYDUDE trademark        
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]        
Impairment of indefinite lived asset   430,000    
HEYDUDE, Prepaid Assets        
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]        
Information technology systems impairment     17,400  
HEYDUDE, Intangible Assets        
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]        
Information technology systems impairment     800  
Corporate Headquarters Relocation        
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]        
Right-of-use assets impairment       9,300
HEYDUDE Brand        
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]        
Right-of-use assets impairment     5,500  
Crocs Brand        
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]        
Right-of-use assets impairment     400  
Fair Value Measurements, Nonrecurring | Level 3 | Fair Value        
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]        
Goodwill impairment   307,000 0 0
Information technology systems impairment   1,115 18,172 0
Right-of-use assets impairment   0 5,909 8,280
Total asset impairments   738,115 24,081 9,287
Fair Value Measurements, Nonrecurring | Level 3 | Fair Value | Leasehold improvements        
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]        
Leasehold improvement assets impairment   0 0 1,007
Fair Value Measurements, Nonrecurring | Level 3 | Fair Value | HEYDUDE trademark        
Fair value assets and liabilities measured on a recurring and nonrecurring Basis [Line Items]        
Impairment of indefinite lived asset   $ 430,000 $ 0 $ 0
v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Foreign currency cash flow hedge gain (loss) reclassified to earnings, net $ 0.2 $ 0.8 $ (0.8)
Foreign currency cash flow hedge loss to be reclassified during next 12 months $ (0.9)    
v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Values of Derivative Assets and Liabilities (Details) - Level 2 - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Foreign Currency Derivatives [Abstract]    
Derivative assets - foreign currency forward contract derivatives $ 729 $ 1,171
Derivative liabilities - foreign currency forward contract derivatives (984) (1,527)
Not Designated as Hedging Instrument    
Foreign Currency Derivatives [Abstract]    
Derivative assets - forward foreign currency exchange contracts 888 2,691
Derivative liabilities - forward foreign currency exchange contracts (291) (3,433)
Designated as Hedging Instrument    
Foreign Currency Derivatives [Abstract]    
Derivative assets - forward foreign currency exchange contracts 997 3,933
Derivative asset, netting of counterparty contracts (268) (2,762)
Derivative liabilities - forward foreign currency exchange contracts (1,252) (4,289)
Derivative liabilities - netting of counterparty contracts $ 268 $ 2,762
Derivative asset, statement of financial position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current
Derivative liability, statement of financial position [Extensible Enumeration] Accrued expenses and other liabilities Accrued expenses and other liabilities
Designated as Hedging Instrument | Foreign Exchange Contract    
Foreign Currency Derivatives [Abstract]    
Derivative assets - forward foreign currency exchange contracts $ 109 $ 1,242
Derivative liabilities - forward foreign currency exchange contracts $ (961) $ (856)
v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Derivative Financial Instruments Notional Amounts on Outstanding Positions (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Notional $ 222,573 $ 239,643
Fair Value (255) (356)
Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 126,156 149,471
Fair Value 597 (742)
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 96,417 90,172
Fair Value (852) 386
British Pound Sterling | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 69,908 28,223
Fair Value (154) 536
British Pound Sterling | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 7,931 23,678
Fair Value (82) (303)
Chinese Yuan | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 0 40,458
Fair Value 0 (553)
Australian Dollar | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 7,677 0
Fair Value (46) 0
South Korean Won | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 18,690 9,274
Fair Value 257 655
South Korean Won | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 23,963 8,790
Fair Value (494) 614
Euro | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 12,712 49,833
Fair Value 18 (1,303)
Euro | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 39,909 17,246
Fair Value (279) 628
Brazilian Real | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 12,026 0
Fair Value 28 0
Japanese Yen | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 7,882 5,510
Fair Value 354 289
Japanese Yen | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 9,342 0
Fair Value 109 0
Canadian Dollar | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 4,938 5,579
Fair Value 94 (221)
Canadian Dollar | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 7,595 0
Fair Value (60) 0
Singapore Dollar | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 0 31,524
Fair Value 0 (1,251)
Other currencies | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional 0 19,528
Fair Value $ 0 $ 553
v3.25.4
DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Gains / Losses from Foreign Currency Transactions and Derivative Contracts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]      
Foreign currency gains (losses), net $ 9,843 $ (6,777) $ (1,240)
Not Designated as Hedging Instrument      
Derivatives, Fair Value [Line Items]      
Foreign currency transaction gains (losses) 8,704 (4,693) (1,992)
Foreign currency forward exchange contracts gains (losses) 1,139 (2,084) 752
Foreign currency gains (losses), net $ 9,843 $ (6,777) $ (1,240)
v3.25.4
BORROWINGS - Schedule of Other Term Borrowings (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Jan. 31, 2024
Aug. 31, 2021
Mar. 31, 2021
Debt Instrument [Line Items]          
Total face value of long-term borrowings $ 1,262,000,000 $ 1,390,000,000      
Unamortized issuance costs 31,115,000 40,661,000      
Long-term borrowings 1,230,885,000 1,349,339,000      
Senior Notes | 2029 Notes          
Debt Instrument [Line Items]          
Aggregate principal amount $ 350,000,000.0       $ 350,000,000
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  
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    
Line of Credit | Revolving Facility          
Debt Instrument [Line Items]          
Total face value of long-term borrowings $ 62,000,000 $ 190,000,000      
v3.25.4
BORROWINGS - Credit Facilities (Details)
 1 Months Ended 12 Months Ended
Feb. 17, 2022
USD ($)
Jul. 31, 2019
USD ($)
Dec. 31, 2025
USD ($)
facility
Dec. 31, 2024
USD ($)
Feb. 13, 2024
USD ($)
Jan. 31, 2024
USD ($)
Line of Credit Facility [Line Items]            
Interest payable     $ 10,200,000 $ 10,200,000    
Total face value of long-term borrowings     $ 1,262,000,000 1,390,000,000    
Number of credit facility | facility     1      
Revolving Facility | Line of Credit            
Line of Credit Facility [Line Items]            
Total face value of long-term borrowings     $ 62,000,000 190,000,000    
Outstanding letters of credit     600,000      
Revolving Facility | Senior Revolving Credit Facility            
Line of Credit Facility [Line Items]            
Borrowing capacity under revolving credit facility   $ 1,000,000,000        
Additional borrowing under credit agreement   $ 400,000,000        
Minimum interest coverage ratio   3.00        
Maximum leverage coverage ratio   3.25        
Minimum borrowing availability for certain acquisitions   $ 40,000,000        
Line of credit facility, current borrowing capacity     1,000,000,000      
Line of credit facility, remaining borrowing capacity     937,400,000 809,400,000    
Revolving Facility | Senior Revolving Credit Facility | Fed Funds Rate            
Line of Credit Facility [Line Items]            
Margin on variable rate (in percent)   0.25%        
Revolving Facility | Senior Revolving Credit Facility | Simple SOFR            
Line of Credit Facility [Line Items]            
Margin on variable rate (in percent)   1.00%        
Revolving Facility | Senior Revolving Credit Facility | Base Rate | Minimum            
Line of Credit Facility [Line Items]            
Margin on variable rate (in percent)   0.25%        
Revolving Facility | Senior Revolving Credit Facility | Base Rate | Maximum            
Line of Credit Facility [Line Items]            
Margin on variable rate (in percent)   0.875%        
Revolving Facility | Senior Revolving Credit Facility | Simple Secured Overnight Financing Rate (SOFR) | Minimum            
Line of Credit Facility [Line Items]            
Margin on variable rate (in percent)   1.35%        
Revolving Facility | Senior Revolving Credit Facility | Simple Secured Overnight Financing Rate (SOFR) | Maximum            
Line of Credit Facility [Line Items]            
Margin on variable rate (in percent)   1.975%        
Revolving Facility | Senior Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)            
Line of Credit Facility [Line Items]            
Margin on variable rate (in percent)   0.10%        
Revolving Facility | Senior Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum | Debt Instrument, Redemption, Period One            
Line of Credit Facility [Line Items]            
Margin on variable rate (in percent)   1.35%        
Revolving Facility | Senior Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum | Debt Instrument, Redemption, Period One            
Line of Credit Facility [Line Items]            
Margin on variable rate (in percent)   1.975%        
Revolving Facility | Asia Pacific Citybank Revolving Credit Facility            
Line of Credit Facility [Line Items]            
Line of credit facility, current borrowing capacity     15,000,000      
Outstanding borrowings     0 0    
Term Loan B Facility | Line of Credit            
Line of Credit Facility [Line Items]            
Borrowing capacity under revolving credit facility $ 2,000,000,000          
Total face value of long-term borrowings     500,000,000 $ 500,000,000   $ 820,000,000
Line of credit facility, remaining borrowing capacity     $ 0      
Term Loan B Facility | Base Rate | Line of Credit            
Line of Credit Facility [Line Items]            
Margin on variable rate (in percent) 1.25%          
Term Loan B Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit            
Line of Credit Facility [Line Items]            
Margin on variable rate (in percent) 2.25%          
Term Loan B Credit Agreement | Line of Credit            
Line of Credit Facility [Line Items]            
Borrowing capacity under revolving credit facility         $ 820,000,000  
v3.25.4
BORROWINGS - Senior Notes Issuance (Details) - Senior Notes - USD ($)
 1 Months Ended
Aug. 31, 2021
Mar. 31, 2021
Dec. 31, 2025
2029 Notes      
Line of Credit Facility [Line Items]      
Aggregate principal amount   $ 350,000,000 $ 350,000,000.0
Interest rate, stated percentage (in percent)   4.25% 4.25%
2029 Notes | Debt Instrument, Redemption, Period One      
Line of Credit Facility [Line Items]      
Redemption price, percentage (in percent)   100.00%  
2029 Notes | From Quarter Ended March 31, 2022 to Quarter Ended December 31, 2023      
Line of Credit Facility [Line Items]      
Redemption price, percentage (in percent)   100.00%  
2029 Notes | Debt Instrument, Redemption, Period Three      
Line of Credit Facility [Line Items]      
Redemption price, percentage (in percent)   104.25%  
Percentage of principal amount redeemable (in percent)   40.00%  
2031 Notes      
Line of Credit Facility [Line Items]      
Aggregate principal amount $ 350,000,000   $ 350,000,000.0
Interest rate, stated percentage (in percent) 4.125%   4.125%
Guarantor $ 25,000,000    
2031 Notes | Debt Instrument, Redemption, Period One      
Line of Credit Facility [Line Items]      
Redemption price, percentage (in percent) 100.00%    
2031 Notes | From Quarter Ended March 31, 2022 to Quarter Ended December 31, 2023      
Line of Credit Facility [Line Items]      
Redemption price, percentage (in percent) 100.00%    
2031 Notes | Debt Instrument, Redemption, Period Three      
Line of Credit Facility [Line Items]      
Redemption price, percentage (in percent) 104.125%    
Percentage of principal amount redeemable (in percent) 40.00%    
v3.25.4
EQUITY (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
vote
class_of_stock
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
shares
Feb. 10, 2025
USD ($)
Sep. 23, 2021
USD ($)
Apr. 23, 2021
USD ($)
Class of Stock [Line Items]            
Number of classes of stock | class_of_stock 1          
Common stock, par value (in dollars per share) | $ / shares $ 0.001 $ 0.001        
Common stock authorized (in shares) | shares 250,000,000.0          
Number of votes entitled to for each common share | vote 1          
Repurchases of common stock | $ $ 582,698,000 $ 556,365,000 $ 176,282,000      
Excise tax payable | $ $ 5,500,000 $ 5,100,000        
Preferred stock authorized (in shares) | shares 5,000,000.0          
Common Stock            
Class of Stock [Line Items]            
Common stock authorized for repurchase | $         $ 1,000,000,000 $ 1,000,000,000
Additional share repurchase authorization | $       $ 1,000,000,000    
Stock repurchased during period (in shares) | shares 6,508,000 4,309,000 1,681,000      
Repurchases of common stock | $ $ 577,200,000 $ 551,200,000        
Remaining authorization to repurchase | $ $ 746,800,000          
Series A Convertible Preferred Stock            
Class of Stock [Line Items]            
Preferred stock authorized (in shares) | shares 1,000,000.0          
Preferred stock, par value (in dollars per share) | $ / shares $ 0.001          
Preferred stock issued (in shares) | shares 0          
Preferred stock outstanding (in shares) | shares 0          
v3.25.4
REVENUES - Revenues by Reportable Operating Segment and by Channel (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenues $ 4,040,647 $ 4,102,108 $ 3,962,347
Crocs Brand      
Disaggregation of Revenue [Line Items]      
Revenues 3,325,807 3,277,967 3,012,954
Crocs Brand | Wholesale      
Disaggregation of Revenue [Line Items]      
Revenues 1,599,374 1,607,546 1,493,537
Crocs Brand | Direct-to-consumer      
Disaggregation of Revenue [Line Items]      
Revenues 1,726,433 1,670,421 1,519,417
Crocs Brand | North America      
Disaggregation of Revenue [Line Items]      
Revenues 1,709,635 1,833,422 1,777,885
Crocs Brand | North America | Wholesale      
Disaggregation of Revenue [Line Items]      
Revenues 584,677 644,511 652,943
Crocs Brand | North America | Direct-to-consumer      
Disaggregation of Revenue [Line Items]      
Revenues 1,124,958 1,188,911 1,124,942
Crocs Brand | International      
Disaggregation of Revenue [Line Items]      
Revenues 1,616,172 1,444,545 1,235,069
Crocs Brand | International | Wholesale      
Disaggregation of Revenue [Line Items]      
Revenues 1,014,697 963,035 840,594
Crocs Brand | International | Direct-to-consumer      
Disaggregation of Revenue [Line Items]      
Revenues 601,475 481,510 394,475
HEYDUDE Brand      
Disaggregation of Revenue [Line Items]      
Revenues 714,840 824,141 949,393
HEYDUDE Brand | Wholesale      
Disaggregation of Revenue [Line Items]      
Revenues 336,325 456,472 566,937
HEYDUDE Brand | Direct-to-consumer      
Disaggregation of Revenue [Line Items]      
Revenues $ 378,515 $ 367,669 $ 382,456
v3.25.4
REVENUES - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Refund Liability    
Revenue from External Customer [Line Items]    
Deferred revenues $ 38.0 $ 34.3
v3.25.4
SHARE-BASED COMPENSATION - Narrative (Details)
shares in Millions
Dec. 31, 2025
shares
Share-Based Payment Arrangement [Abstract]  
Shares available for future issuance (in shares) 2.5
v3.25.4
SHARE-BASED COMPENSATION - Schedule Of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Options      
Outstanding at beginning of period (in shares) 200,000    
Granted (in shares) 0 0 0
Exercised (in shares) 0    
Forfeited or expired (in shares) 0    
Outstanding at end of period (in shares) 200,000 200,000  
Exercisable at end of period (in shares) 200,000    
Vested at end of period (in shares) 200,000    
Weighted Average Exercise Price      
Beginning of period (in dollars per share) $ 6.98    
Granted (in dollars per share) 0    
Exercised (in dollars per share) 0    
Forfeited or expired (in dollars per share) 0    
End of period (in dollars per share) 6.98 $ 6.98  
Exercisable, weighted average exercise price at end of period (in dollars per share) 6.98    
Vested, weighted average exercise price at end of period (in dollars per share) $ 6.98    
Weighted Average Contractual Life (Years)      
Weighted average contractual life at beginning of period 1 year 5 months 1 day 2 years 5 months 1 day  
Exercisable, weighted average contractual life at end of period 1 year 5 months 1 day    
Vested, weighted average contractual life at end of period 1 year 5 months 1 day    
Aggregate Intrinsic Value      
Aggregate intrinsic value, outstanding $ 15,314 $ 20,510  
Exercisable, aggregate intrinsic value at end of period 15,314    
Vested, aggregate intrinsic value at end of period $ 15,314    
v3.25.4
SHARE-BASED COMPENSATION - Stock Option Activity Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares) 0 0 0
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Aggregate intrinsic value of options exercised $ 0 $ 1,000,000.0 $ 0
Proceeds from options exercised   $ 200,000  
Unrecognized share-based compensation expense related to unvested options $ 0    
Options expiration period 10 years    
v3.25.4
SHARE-BASED COMPENSATION - Restricted Stock Awards And Restricted Stock Units Activity Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
vesting_installment
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Restricted Stock Awards      
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]      
RSAs and RSUs general vesting period 3 years    
Shares granted in period (in shares) 7,000    
Granted (in dollars per share) | $ / shares $ 105.15 $ 130.75 $ 105.95
Grant date fair value of awards | $ $ 0.7 $ 0.7 $ 0.5
Unrecognized share-based compensation expense related to unvested awards | $ $ 0.3    
Amortized over a weighted average period 4 months 24 days    
Awards vested in period (in shares) 5,000    
Restricted Stock Units      
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]      
Shares granted in period (in shares) 915,000    
Granted (in dollars per share) | $ / shares $ 96.59 $ 124.04 $ 122.97
Grant date fair value of awards | $ $ 27.7 $ 29.5 $ 31.1
Awards vested in period (in shares) 276,000    
Time-based RSUs      
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]      
Number of annual vesting installments | vesting_installment 3    
Shares granted in period (in shares) 500,000 300,000 200,000
Unrecognized share-based compensation expense related to unvested awards | $ $ 42.8    
Amortized over a weighted average period 1 year 7 months 6 days    
Awards vested in period (in shares) 200,000 200,000 300,000
Performance-based RSUs      
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]      
Number of annual vesting installments | vesting_installment 3    
Shares granted in period (in shares) 400,000 300,000 200,000
Unrecognized share-based compensation expense related to unvested awards | $ $ 10.5    
Amortized over a weighted average period 2 years    
Awards vested in period (in shares) 100,000 200,000 300,000
Performance-based RSUs | Minimum      
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]      
Percentage of performance range of RSUs that may be awarded (percent) 0.00%    
Performance-based RSUs | Maximum      
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]      
Percentage of performance range of RSUs that may be awarded (percent) 200.00%    
Market Condition RSUs      
Schedule of Restricted Stock Award and Restricted Stock Unit Activity [Line Items]      
Shares granted in period (in shares) 300,000 0 0
v3.25.4
SHARE-BASED COMPENSATION - Schedule Of Restricted Stock Award And Restricted Stock Unit Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock Awards      
Shares      
Unvested beginning balance (in shares) 2    
Granted (in shares) 7    
Vested (in shares) (5)    
Forfeited (in shares) 0    
Unvested ending balance (in shares) 4 2  
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 148.72    
Granted (in dollars per share) 105.15 $ 130.75 $ 105.95
Vested (in dollars per share) 120.40    
Forfeited (in dollars per share) 0    
Ending balance (in dollars per share) $ 105.15 $ 148.72  
Restricted Stock Units      
Shares      
Unvested beginning balance (in shares) 1,000    
Granted (in shares) 915    
Vested (in shares) (276)    
Forfeited (in shares) (272)    
Unvested ending balance (in shares) 1,367 1,000  
Weighted Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 110.82    
Granted (in dollars per share) 96.59 $ 124.04 $ 122.97
Vested (in dollars per share) 109.66    
Forfeited (in dollars per share) 117.95    
Ending balance (in dollars per share) $ 100.11 $ 110.82  
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]        
Intangible assets $ 832,144 $ 918,000    
Decrease from settlements 34,840 0 $ 0  
Unrecognized tax benefit 636,973 582,228 556,482 $ 219,363
Valuation allowance 300,379 241,568    
Net expense related to increase (decrease) in unrecognized tax benefits (10,200)      
Deferred taxes 47,093 (254,454) (410,319)  
Net increase (decrease) in deferred tax asset valuation allowance (58,800) (58,000)    
Interest from settlements, lapse of statutes, and change in certainty released 4,800      
Cumulative accrued balance of penalties and interest 12,200 13,300 8,800  
Unrecognized tax benefits that would impact effective tax rate 642,200 591,700 $ 562,000  
IP transactions 2023        
Operating Loss Carryforwards [Line Items]        
Decrease from settlements 34,100      
Deferred tax asset, net 114,200      
Intra-Entity Transfer of Certain Intellectual Property Rights        
Operating Loss Carryforwards [Line Items]        
Intangible assets   268,800    
Deferred tax asset, net   268,800    
Unrecognized tax benefit   145,600    
Net deferred tax assets   123,200    
2020-2021 Intra-Entity Transfer of Certain Intellectual Property Rights        
Operating Loss Carryforwards [Line Items]        
Deferred tax asset, net 289,800      
Net expense related to increase (decrease) in unrecognized tax benefits   141,200    
Foreign        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforwards 23,600      
Aggregate tax loss carryforward 346,900 98,300    
State        
Operating Loss Carryforwards [Line Items]        
Tax credit carryforwards   17,900    
Aggregate tax loss carryforward $ 6,500 $ 300    
v3.25.4
INCOME TAXES - Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income before taxes:      
U.S.  $ (6,474) $ 217,429 $ 309,098
Foreign 79,452 693,156 567,174
Income before income taxes 72,978 910,585 876,272
Current income taxes:      
U.S. federal 51,449 98,137 85,075
U.S. state 11,436 18,005 21,884
Foreign 44,198 98,826 387,066
Total current income taxes 107,083 214,968 494,025
Deferred income taxes:      
U.S. federal (25,866) (8,393) (12,873)
U.S. state (10,805) (797) (1,662)
Foreign 83,764 (245,264) (395,784)
Total deferred income taxes 47,093 (254,454) (410,319)
Total income tax expense (benefit) $ 154,176 $ (39,486) $ 83,706
v3.25.4
INCOME TAXES - Effective Income Tax Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income tax expense and rate attributable to:      
Federal income tax rate $ 15,326 $ 191,223 $ 184,017
State income tax rate, net of federal benefit (386) 13,301 16,854
Statutory Tax rate / Foreign income tax rate differential   (34,166) 31,495
Intra-entity IP transactions   (271,700) (611,403)
Foreign tax credits   98,551 55,648
Research and development credits   (9,903) (6,754)
Change in valuation allowance   58,861 156,312
Non-deductible/non-taxable items   (12,028) (1,129)
Global Intangible Low-Taxed Income, net 10,277 61,440 44,003
Other (239)    
U.S. tax on foreign earnings   12,684 1,752
Tax Credits (3,602)    
Uncertain tax positions (44,483) 50,193 330,819
Share-based compensation   (1,157) (2,097)
Other   317 (4,515)
Total income tax expense (benefit) $ 154,176 $ (39,486) $ 83,706
Income tax expense and rate attributable to (percent):      
Federal income tax rate 21.00% 21.00% 21.00%
State income tax rate, net of federal benefit (0.50%) 1.50% 1.90%
Statutory tax rate difference   (3.80%) 3.60%
Intra-entity IP transactions   (29.80%) (69.80%)
Foreign tax credits   (10.80%) (6.40%)
Research and development credits   (1.10%) (0.80%)
Change in valuation allowance   6.50% 17.80%
Non-deductible/non-taxable items   (1.30%) (0.10%)
Global Intangible Low-Taxed Income, net 14.10% 6.60% 5.00%
Other (0.30%)    
U.S. tax on foreign earnings   1.40% 0.20%
Tax Credits (4.90%)    
Uncertain tax positions (61.00%) 5.50% 37.80%
Share-based compensation   (0.10%) (0.20%)
Other   0.10% (0.40%)
Effective income tax expense and rate 211.30% (4.30%) 9.60%
Netherlands      
Income tax expense and rate attributable to:      
Statutory Tax rate / Foreign income tax rate differential $ 17,094    
Foreign tax credits 17,323    
Non-deductible/non-taxable items 58,571    
HEYDUDE trademark and HEYDUDE goodwill impairment 7,598    
Other $ 854    
Income tax expense and rate attributable to (percent):      
Statutory tax rate difference 23.30%    
Foreign tax credits (23.70%)    
HEYDUDE trademark and HEYDUDE goodwill impairment 10.40%    
Non-deductible/non-taxable items 80.30%    
Other 1.20%    
Malta      
Income tax expense and rate attributable to:      
Statutory Tax rate / Foreign income tax rate differential $ (47,361)    
Income tax expense and rate attributable to (percent):      
Statutory tax rate difference (65.00%)    
Other foreign Jurisdictions      
Income tax expense and rate attributable to:      
Statutory Tax rate / Foreign income tax rate differential $ 20,622    
Change in valuation allowance 79,375    
HEYDUDE trademark and HEYDUDE goodwill impairment 23,700    
Other $ 3,338    
Income tax expense and rate attributable to (percent):      
Statutory tax rate difference 28.30%    
Change in valuation allowance 108.80%    
HEYDUDE trademark and HEYDUDE goodwill impairment 32.50%    
Other 4.60%    
United States      
Income tax expense and rate attributable to:      
Change in valuation allowance $ (16,202)    
Non-deductible/non-taxable items 3,737    
HEYDUDE trademark and HEYDUDE goodwill impairment 33,171    
Other $ 1,002    
Income tax expense and rate attributable to (percent):      
Change in valuation allowance (22.20%)    
HEYDUDE trademark and HEYDUDE goodwill impairment 45.50%    
Non-deductible/non-taxable items 5.10%    
Other 1.30%    
China      
Income tax expense and rate attributable to:      
Statutory Tax rate / Foreign income tax rate differential $ 11,828    
Other $ (2,721)    
Income tax expense and rate attributable to (percent):      
Statutory tax rate difference 16.20%    
Other (3.70%)    
v3.25.4
INCOME TAXES - Cash Paid For Income Taxes, Net of Refunds (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Federal $ 81,458    
State 13,186    
Total 185,066 $ 122,678 $ 176,564
China      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 15,584    
Netherlands      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 40,605    
Other foreign Jurisdictions      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign $ 34,233    
v3.25.4
INCOME TAXES - Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Non-current deferred tax assets:    
Share-based compensation expense $ 4,727 $ 4,081
Accruals, reserves, and other expenses 12,302 22,974
Net operating loss 311,741 65,776
Intangible assets 832,144 918,000
Foreign tax credit 65,268 49,027
Operating lease liabilities 77,131 75,396
Unrealized loss on foreign currency 0 59,111
Other 55,797 48,866
Valuation allowance (300,379) (241,568)
Total non-current deferred tax assets 1,058,731 1,001,663
Non-current deferred tax liabilities:    
Unrealized gain on foreign currency (1,254) 0
Property and equipment (17,744) (25,896)
Right-of-use assets (65,551) (63,782)
Intangible assets (38,561) (42,409)
Other (1,449) (1,313)
Total non-current deferred tax liabilities $ (124,559) $ (133,400)
v3.25.4
INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefit as of January 1 $ 582,228 $ 556,482 $ 219,363
Additions in tax positions taken in prior period 1,522 9,855 3,690
Reductions in tax positions taken in prior period (14,624) (147,561) (7)
Additions in tax positions taken in current period 72,177 184,184 325,058
Settlements (34,840) 0 0
Lapse of statute of limitations (9,585) (366) (148)
Cumulative foreign currency translation adjustment 40,095   8,526
Cumulative foreign currency translation adjustment   (20,366)  
Unrecognized tax benefit as of December 31 $ 636,973 $ 582,228 $ 556,482
v3.25.4
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income attributable to common stockholders $ (81,198) $ 950,071 $ 792,566
Denominator:      
Weighted average common shares outstanding - basic (in shares) 54,208 59,381 61,386
Plus: dilutive effect of stock options and unvested restricted stock units (in shares) 0 451 566
Weighted average common shares outstanding - diluted (in shares) 54,208 59,832 61,952
Net income per common share:      
Basic (in dollars per share) $ (1.50) $ 16.00 $ 12.91
Diluted (in dollars per share) $ (1.50) $ 15.88 $ 12.79
Antidilutive securities (in shares) 500    
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase commitments with third party manufacturers $ 274.2
v3.25.4
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting Information [Line Items]  
Number of reportable segments 2
Number of operating Segments 2
Property, Plant and Equipment | Geographic Concentration Risk | Netherlands  
Segment Reporting Information [Line Items]  
Percentage of consolidated revenues (percent) 10.00%
v3.25.4
OPERATING SEGMENTS AND GEOGRAPHIC INFORMATION - Information Related To Reportable Operating Business Segments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 4,040,647 $ 4,102,108 $ 3,962,347
Cost of sales 1,683,592 1,691,850 1,752,337
Selling, general and administrative expense [1] 1,469,425 1,364,265 1,163,940
Asset impairments 738,115 24,081 9,287
Income (loss) from operations 149,515 1,021,911 1,036,783
Foreign currency gains (losses), net 9,843 (6,777) (1,240)
Interest income 1,844 3,484 2,406
Interest expense (88,287) (109,264) (161,351)
Other income (expense), net 63 1,231 (326)
Income before income taxes 72,978 910,585 876,272
Depreciation and amortization 79,282 69,840 54,304
Property and equipment, net 238,191 244,335  
United States      
Segment Reporting Information [Line Items]      
Revenues 2,260,656 2,482,218 2,573,663
Property and equipment, net 194,714 205,166  
International      
Segment Reporting Information [Line Items]      
Revenues 1,779,518 1,619,890 1,388,684
Property and equipment, net 43,477 39,169  
Crocs Brand      
Segment Reporting Information [Line Items]      
Revenues 3,325,807 3,277,967 3,012,954
HEYDUDE Brand      
Segment Reporting Information [Line Items]      
Revenues 714,840 824,141 949,393
Reportable Operating Segments      
Segment Reporting Information [Line Items]      
Income (loss) from operations 442,824 1,319,413 1,291,716
Reportable Operating Segments | Crocs Brand      
Segment Reporting Information [Line Items]      
Revenues 3,325,807 3,277,967 3,012,954
Cost of sales 1,287,447 1,258,727 1,205,670
Selling, general and administrative expense 926,681 837,228 727,954
Income (loss) from operations 1,111,679 1,182,012 1,079,330
Depreciation and amortization 40,387 35,165 31,950
Reportable Operating Segments | HEYDUDE Brand      
Segment Reporting Information [Line Items]      
Revenues 714,840 824,141 949,393
Cost of sales 394,805 430,893 531,414
Selling, general and administrative expense 251,890 250,406 205,593
Asset impairments 737,000 5,441 0
Income (loss) from operations (668,855) 137,401 212,386
Depreciation and amortization 23,151 19,353 14,200
Enterprise corporate      
Segment Reporting Information [Line Items]      
Income (loss) from operations (293,309) (297,502) (254,933)
Depreciation and amortization $ 15,744 $ 15,322 $ 8,154
[1] Amounts for the years ended December 31, 2024, and 2023, have been reclassified to conform to current period presentation.
v3.25.4
LEGAL PROCEEDINGS (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Estimate of possible loss $ 1.6
v3.25.4
EMPLOYEE BENEFIT PLAN (Details) - Defined Contribution Plan - Defined Contribution Benefit Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Contribution Plan Disclosure [Line Items]      
Employees' vesting percentage in matching contributions (percent) 100.00%    
Contributions made by the company under the Plan $ 17.4 $ 14.8 $ 12.6
Tranches One      
Defined Contribution Plan Disclosure [Line Items]      
Employer matching contribution (percent) 100.00%    
Employee's salary contribution (percent) 3.00%    
Tranches Two      
Defined Contribution Plan Disclosure [Line Items]      
Employer matching contribution (percent) 50.00%    
Employee's salary contribution (percent) 2.00%